Document:

Exhibit
10.1

 

SAGALIAM
ACQUISITION CORP.

11835
West Olympic Blvd

Suite
1150E

Los
Angeles, CA 90064

 

April
5, 2021

 

Sagaliam
Sponsor LLC

11835
West Olympic Blvd

Suite
1150E

Los
Angeles, CA 90064

 

RE:
Securities Subscription Agreement

 

Ladies
and Gentlemen:

 

This
agreement (the “Agreement”) is entered into as of the date first set forth above by and between Sagaliam Sponsor LLC,
a Delaware limited liability company (the “Subscriber” or “you”), and Sagaliam Acquisition Corp.,
a Delaware corporation (the “Company”, “we” or “us”). Pursuant to the terms
hereof, the Company hereby accepts the offer the Subscriber has made to purchase 2,875,000 shares of Class B common stock, $0.0001 par
value per share (the “Shares”), up to 375,000 of which are subject to forfeiture by you if and to the extent that
the underwriters of the initial public offering (“IPO”) of units (“Units”) of the Company, do not
fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s agreements
regarding such Shares are as follows:

 

1.
Purchase of Securities.

 

1.1.
Purchase of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject
to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution
of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name
representing the shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2.
Representations, Warranties and Agreements.

 

2.1.
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Shares.

 

2.1.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber,
(ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to which
the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3.
Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under
the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    	1

     

    

 

2.1.4.
Experience, Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an
indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is capable
of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Subscriber must
bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities
Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment
in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5.
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge
and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished
pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations
which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making
its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6.
Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber
did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule
502 under the Securities Act.

 

2.1.8.
Restrictions on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a
public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries representing
the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or
otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration
under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any
interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the
Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the
Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber
for the resale of the Shares until one year following consummation of the initial business combination of the Company, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9.
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

    	2

     

    

 

2.2.
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby
represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1.
Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws of the
Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to
which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3.
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and
validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing,
(b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of
the Subscriber.

 

2.2.4.
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with
any transactions.

 

3.
Forfeiture of Shares.

 

3.1.
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the
IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall
forfeit any and all rights to such number of Shares (up to an aggregate of 300,000 Shares and pro rata based upon the percentage of the
Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial stockholders
prior to the IPO, if any) will own an aggregate number of Shares (not including any placement Units that are expected to be purchased
at the closing of the IPO, Shares issuable upon exercise of any warrants or any Common Stock purchased by Subscriber in the IPO or in
the aftermarket) equal to 20% of the issued and outstanding Shares immediately following the IPO.

 

3.2.
Termination of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time
the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall
take such action as is appropriate to cancel such forfeited Shares.

 

3.3.
Share Certificates. In the event an adjustment to the Original Certificates, if any, is required pursuant to this Section 3, then
the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt
of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New Certificate”),
if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if any,
shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held by the Subscriber
shall be made in book-entry form.

 

4.
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public stockholders and into which substantially all of the
proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the
Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases
Shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account upon
the successful completion of an initial business combination.

 

    	3

     

    

 

5.
Restrictions on Transfer.

 

5.1.
Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known
as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to
be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company,
that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated
by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2.
Lock-up. Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”)
contained in the Insider Letter.

 

5.3.
Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

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

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
DURING THE TERM OF THE LOCKUP.”

 

5.4.
Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted or additional securities
or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which
such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect
the distribution of such securities or property shall be made to the number and/or class of Shares subject to this Section 5 and Section
3.

 

5.5.
Registration Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant
to a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6.
Other Agreements.

 

6.1.
Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2.
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing
and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

    	4

     

    

 

6.3.
Entire Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in
the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire
agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior
oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant
or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express
terms and provisions of this Agreement.

 

6.4.
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto.

 

6.5.
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not
similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and
shall not constitute a continuing waiver or consent.

 

6.6.
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written
consent of the other party.

 

6.7.
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties
hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as
a third-party beneficiary of this Agreement.

 

6.8.
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to
the conflict of law principles thereof.

 

6.9.
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the
extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect.

 

6.10.
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of
such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or
discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof
or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement
shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or
constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without
such notice or demand.

 

6.11.
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.12.
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create
any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission
or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of
such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    	5

     

    

 

6.13.
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14.
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15.
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be followed
by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other
gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires.
The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first
representation, warranty, or covenant.

 

6.16.
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.
Voting and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally,
the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s stockholders in connection
with an initial business combination negotiated by the Company.

 

8.
Indemnification. Each party shall indemnify the other against any loss, cost or damages
(including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty,
covenant or agreement in this Agreement.

 

[Signature
page follows]

 

    	6

     

    

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to
us.

 

	 	Very
    truly yours,
	 	 
	 	SAGALIAM
    ACQUISITION CORP. 
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:
    	Barry Kostiner
	 	Title:
    	Chief Executive Officer

 

	Accepted
    and agreed as of the date first written above.	 
	 	 
	Sagaliam
    Sponsor LLC	 
	 	 
	By:	/s/
    Barry Kostiner	 
	Name:
    	Barry
    Kostiner	 
	Title:
    	Vice President	 

 

[Signature
Page to Securities Subscription Agreement]Exhibit
10.2

 

PRIVATE
PLACEMENT UNITS PURCHASE AGREEMENT

 

This
PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT (this “Agreement”) is made as of December 20, 2021, by and between Sagaliam
Acquisition Corp., a Delaware corporation (the “Company”), and Sagaliam Sponsor LLC, a Delaware limited liability
company (the “Subscriber”).

 

WHEREAS,
the Company desires to sell to the Subscriber on a private placement basis (the “Offering”) an aggregate of 370,000
units (the “Units”) of the Company, each Unit comprised of one share of Class A common stock of the Company, par value
$0.0001 per share (“Common Stock”) and one right to receive one-eighth of one share of Common Stock (the “Right”),
for a purchase price of $3,700,000, or $10.00 per Unit. The shares of Common Stock underlying the Rights are hereinafter referred to
as the “Right Shares.” The shares of Common Stock underlying the Units, excluding the Right Shares, are hereinafter
referred to as the “Placement Shares.” The Rights underlying the Units are hereinafter referred to as the “Placement
Rights.” The Units, Placement Shares, Placement Rights, and Right Shares, and Placement Shares, collectively, are hereinafter
referred to as the “Securities”; and

 

WHEREAS,
the Subscriber wishes to purchase 370,000 Units, and the Company wishes to accept such subscription from Subscriber.

 

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

 

	1.	Agreement
    to Subscribe

 

	 	1.1	Purchase
    and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase
    from the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date (as defined below) the Units in consideration
    of the payment of the Purchase Price (as defined below). On the Closing Date, the Company shall, at its option, deliver to the Subscriber
    the certificates representing the Securities purchased or effect such delivery in book-entry form.
	 	 	 
	 	1.2	Purchase
    Price. As payment in full for the Units being purchased under this Agreement, the Subscriber shall pay $3,700,000 (the “Purchase
    Price”) by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the
    Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company, maintained
    by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”), one (1) business day prior
    to the date of effectiveness of the Registration Statement.

 

In
addition to the foregoing, the Subscriber hereby conditionally agrees to purchase up to an additional 30,000 Units (collectively, the
“Additional Units”) at $10.00 per Additional Unit for a purchase price of $300,000 (the “Additional Purchase
Price” and together with the Initial Purchase Price, the “Purchase Price”), if, and only if, and only to the extent
that the underwriters’ 45-day over-allotment option (the “Over-Allotment Option”) in the IPO (as defined below)
is exercised in full or part. The total number of Additional Units to be purchased hereunder shall be the number that is necessary to
maintain the amount held in the Trust Account (as defined below) so that the amount does not fall below $10.00 per share for each share
of Common Stock sold in the IPO. Each purchase of Additional Units shall occur simultaneously with the consummation of any portion of
the Over-Allotment Option.

 

	 	1.3	Closing.
    The closing of the purchase and sale of the Units (the “Closing Date”) shall take place simultaneously with the
    closing of the Company’s initial public offering (the “IPO”). The closing of the purchase and sale of the
    Units shall take place at the offices of Mayer Brown LLP, 1221 Avenue of the Americas, New York, New York, 10020, or such other place
    as may be agreed upon by the parties hereto.
	 	 	 
	 	1.4	Termination.
    This Agreement and each of the obligations of the undersigned shall be null and void and without effect if the IPO does not close
    prior to December 31, 2021.

 

    	 

     

    

 

	2.	Representations
    and Warranties of Subscriber

 

Subscriber
represents and warrants to the Company that:

 

	 	2.1	No
    Government Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation
    or endorsement of the Company or the Offering of the Securities.
	 	 	 
	 	2.2	Accredited
    Investor. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
    D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated
    hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors” under
    the Securities Act and similar exemptions under state law.
	 	 	 
	 	2.3	Intent.
    Subscriber is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account
    or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”)
    to be entered into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration
    Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to or
    through any person or entity except as may be permitted under the Insider Letter. Subscriber shall not engage in hedging transactions
    with regard to the Securities unless in compliance with the Securities Act.
	 	 	 
	 	2.4	Restrictions
    on Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering
    in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act and,
    if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered,
    resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act,
    (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant
    to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any
    applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges and understands
    the Securities are subject to transfer restrictions as described in Section 8 hereof. Subscriber agrees that if any transfer of its
    Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required
    to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent registration or
    another available exemption from registration, Subscriber agrees it will not resell the Securities (unless otherwise permitted pursuant
    to the Insider Letter, as described in the Registration Statement). Subscriber further acknowledges that because the Company is a
    shell company, Rule 144 may not be available to Subscriber for the resale of the Securities until the one year anniversary following
    consummation of the Company’s initial Business Combination (as described in the Company’s Amended and Restated Certificate
    of Incorporation), despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
    restrictions.
	 	 	 
	 	2.5	Sophisticated
    Investor.

 

	 	(i)	Subscriber
    is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.
	 	 	 
	 	(ii)	Subscriber
    is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
    the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot be
    sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is able
    to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

    	2

     

    

 

	 	2.6	Independent
    Investigation. Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the Company
    and has not relied upon any information or representations made by any third parties or upon any oral or written representations
    or assurances from the Company, its officers, directors or employees or any other representatives or agents of the Company, other
    than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company
    and has had an opportunity to ask questions of, and receive answers from the Company’s officers and directors concerning the
    Company and the terms and conditions of the offering of the Units and has had full access to such other information concerning the
    Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available and that
    Subscriber has been supplied with all of the additional information concerning this investment which Subscriber has requested.
	 	 	 
	 	2.7	Organization
    and Authority. Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware and it
    possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
	 	 	 
	 	2.8	Authority.
    This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable
    in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
    of creditors’ rights generally.
	 	 	 
	 	2.9	No
    Conflicts. The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated
    hereby do not violate, conflict with or constitute a default under (i) Subscriber’s charter documents, (ii) any agreement or
    instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement,
    order, judgment or decree to which Subscriber is subject.
	 	 	 
	 	2.10	No
    Legal Advice from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated
    by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and
    investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements
    entered into between the parties hereto, Subscriber is relying solely on such counsel and advisors and not on any statements or representations
    of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
    contemplated by this Agreement or the securities laws of any jurisdiction.
	 	 	 
	 	2.11	Reliance
    on Representations and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions
    from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states,
    and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings
    of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.
	 	 	 
	 	2.12	No
    General Solicitation. Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general
    advertising, including but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine,
    or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement (the
    “Registration Statement”) with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).
	 	 	 
	 	2.13	Legend.
    Subscriber acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
    in form and substance substantially as set forth in Section 4 hereof.

 

    	3

     

    

 

	3.	Representations,
    Warranties and Covenants of the Company

 

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

 

	 	3.1	Valid
    Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue is
    100,000,000 shares of Class A Common Stock, 10,000,000 shares of Class B Common Stock, $0.0001 par value per share (the “Class
    B Common Stock”), and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”).
    As of the date hereof, the Company has issued and outstanding 2,875,000 shares of Class B Common Stock (of which up to 375,000 shares
    are subject to forfeiture as described in the Registration Statement), no shares of Class A Common Stock and no shares of Preferred
    Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and
    non-assessable.
	 	 	 
	 	3.2	Title
    to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain Rights Agreement to be
    entered into between the Company and Continental, as rights agent (the “Rights Agreement”), as the case may be,
    each of the Units, Placement Shares, Placement Rights and Right Shares will be duly and validly issued, fully paid and non-assessable.
    On the date of issuance of the Units, the Placement Shares and Right Shares shall have been reserved for issuance. Upon issuance
    in accordance with, and payment pursuant to, the terms hereof and the Rights Agreement, as the case may be, Subscriber will have
    or receive good title to the Units, Placement Shares and Placement Rights, free and clear of all liens, claims and encumbrances of
    any kind, other than (i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under
    federal and state securities laws.
	 	 	 
	 	3.3	Organization
    and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State
    of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.
	 	 	 
	 	3.4	Authorization;
    Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this
    Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement
    by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate
    action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and (iii) this
    Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance with its terms,
    except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
    or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
    of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
    laws or principles of public policy.
	 	 	 
	 	3.5	No
    Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
    hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or constitute
    a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule or regulation to which
    the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state securities
    filings which may be required to be made by the Company subsequent to the closing of the IPO, and any registration statement which
    may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent,
    authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in
    order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares, Placement Rights or Right
    Shares in accordance with the terms hereof.

 

    	4

     

    

 

	4.	Legends

 

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

 

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

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, SAGALIAM ACQUISITION
CORP. AND SAGALIAM SPONSOR LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP
PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

 

	 	4.2	Subscriber’s
    Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply with all applicable
    securities laws upon resale of the Securities.
	 	 	 
	 	4.3	Company’s
    Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole
    judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under
    the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act and (ii) in compliance
    herewith and with the Insider Letter.
	 	 	 
	 	4.4	Registration
    Rights. The Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement
    (“Registration Rights Agreement”) to be entered into between, among others, the Subscriber and the Company, on
    or prior to the effective date of the Registration Statement.

 

	5.	Waiver
    of Liquidation Distributions.

 

In
connection with the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim
of any kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection
with the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer
conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of Common Stock sold in
the Company’s IPO upon the Company’s failure to timely complete the Business Combination or (iv) in connection with a stockholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or
timing of the Company’s obligation to redeem 100% of the Company’s public shares if the Company does not timely complete
the Business Combination or (B) with respect to any other provision relating to stockholders’ rights or pre-Business Combination
activity. In the event a Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased
shall be eligible to receive the redemption value of such shares of Common Stock upon the same terms offered to all other purchasers
of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.

 

	6.	Terms
    of Placement Rights. Each Placement Right shall have the terms set forth in the Rights Agreement.
	 	 
	7.	[Reserved].
	 	 
	8.	Terms
    of the Units and Placement Rights

 

	 	8.1	The
    Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and
    component parts will be subject to transfer restrictions described in the Insider Letter, and (ii) the Units and component parts
    are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable
    only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights
    Agreement to be signed on or before the date of the prospectus for the IPO or an exemption from registration is available.

 

    	5

     

    

 

	 	8.2	Subscriber
    agrees to vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration
    Statement.

 

	9.	Governing
    Law; Jurisdiction; Waiver of Jury Trial

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly
performed within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to
this Agreement and the transactions contemplated hereby.

 

	10.	Assignment;
    Entire Agreement; Amendment

 

	 	10.1	Assignment.
    Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to a
    person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.
	 	 	 
	 	10.2	Entire
    Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof
    and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.
	 	 	 
	 	10.3	Amendment.
    Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or
    terminated other than by a written instrument signed by all of the parties hereto.
	 	 	 
	 	10.4	Binding
    upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
    legal representatives, successors and permitted assigns.

 

	11.	Notices

 

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

 

	12.	Counterparts

 

This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page
were an original thereof.

 

	13.	Survival;
    Severability

 

	 	13.1	Survival.
    The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing Date.
	 	 	 
	 	13.2	Severability.
    In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
    or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
    be effective if it materially changes the economic benefit of this Agreement to any party.

 

	14.	Headings.

 

The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

[remainder
of page intentionally left blank]

 

    	6

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	SAGALIAM
    ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	SUBSCRIBER:
	 	 	 
	 	SAGALIAM
    SPONSOR LLC
	 	 	 
	 	By:	/s/
    Barry Kostiner
	 	Name:	 Barry
    Kostiner
	 	Title:	 Managing
    Member

 

    	[Private
                                            Placement Units Purchase Agreement with Sponsor]

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