Document:

Exhibit 10.7

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT (this "Agreement")
is made as of the [__] day of [__], 2022, by and between Papaya Growth Opportunity Corp. I, a Delaware corporation (the "Company"),
having its principal place of business at 2201 Broadway, #750, Oakland, CA 94612, and Pomegranate Growth Opportunity I Sponsor, LLC,
a Delaware limited liability company ("Subscriber").

 

WHEREAS, the Company desires to sell on a private
placement basis (the "Offering") an aggregate of up to 1,365,500 units ("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 half of one warrant to purchase one share of Common Stock ("Warrant"), for an aggregate purchase price of up to
$13,655,500, or $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the "Warrant
Shares." The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the "Placement
Shares." The Warrants underlying the Units are hereinafter referred to as the "Placement Warrants." The Units,
Placement Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the "Securities."
Placement Warrants may be exercised only to the extent that, when aggregated with other Placement Warrants being exercised, the exercise
is for a whole share or whole shares; no fractional shares shall be issuable. The exercise price for any Warrant Share shall be $11.50.
Subject to the foregoing, the Placement Warrants will become exercisable 30 days after the completion of the Company's initial business
combination (the "Business Combination"), as such term is defined in the registration statement filed in connection
with the Company’s initial public offering (the “IPO”), as amended at the time it becomes effective (the "Registration
Statement"), and expiring on the fifth anniversary of the completion of the Business Combination; and

 

WHEREAS, Subscriber wishes to purchase 1,290,500
Units (or up to 1,365,500 Units if the underwriters' over-allotment option is exercised in full) from the Company and the Company wishes
to accept such subscription from the 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 the 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),
1,290,500 Units for the purchase price of $12,905,000 (or up to 1,365,500 Units for a purchase price of up to $13,655,000, depending
on the extent to which the underwriters' over-allotment option is exercised) (the "Purchase Price").

 

1.2
Delivery of the Purchase Price. Upon execution of this Agreement, the Company is bound to fulfill its obligations hereunder
and the Subscriber hereby irrevocably commits to deliver either directly into a trust account (the "Trust Account")
held at Morgan Stanley or any other financial institution chosen by the Company, with Continental Stock Transfer & Trust Company
acting as trustee ("Continental"), or into an escrow account maintained by McDermott Will & Emery LLP ("MWE"),
counsel for the Company, the Purchase Price in immediately available funds by wire transfer or such other form of payment as shall be
acceptable to the Trustee, in its sole and absolute discretion, one (1) business day prior to the Closing (as defined below).

 

1.3
Closing. The initial closing of the Offering (the "Initial Closing"), shall take place at the offices of
MWE simultaneously with, and is contingent upon, the closing of the IPO on or before December 31, 2022 (the "Initial Closing
Date"). Any additional closing of the Offering (the "Additional Closing" and together with the Initial Closing,
the "Closing") shall take place at the offices of MWE, simultaneously with each closing of the underwriters' over-allotment
option (the "Over-allotment Closing Date" and together with the Initial Closing Date, the "Closing Date").
On the Closing Date, if the Subscriber has delivered the Purchase Price to MWE as described in Section 1.2 above, MWE shall wire the
purchase price to Continental for deposit in the Trust Account.

 

     

     

    

 

1.4
Termination. This Agreement and each of the obligations of the undersigned shall be null and void and without effect if the
Closing does not occur prior to December 31, 2022.

 

2. Representations and Warranties of Subscriber

 

The 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 such 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 "Letter Agreement")
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 Letter Agreement. 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 transfer the Securities (unless otherwise permitted pursuant to the Letter Agreement, 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 Business Combination,
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's manager and members are individually
accredited investors and are sophisticated in financial matters and 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, (a) 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 and (b) Subscriber has waived its redemption rights with
respect to the Securities as set forth in Section 5 hereof, and the Securities held by Subscriber are not entitled to, and have no right,
interest or claim to any monies held in the Trust Account, and accordingly Subscriber may suffer a loss of a portion or all of its investment
in the Securities. Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

     

     

    

 

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 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, 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.

 

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 review, 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
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. Representations, Warranties and Covenants of the Company

 

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

 

3.1
Valid Issuance of Capital Stock. The total number of shares of all classes of capital stock, each with a par value of $0.0001
per share, which the Corporation shall have authority to issue is 131,000,000, consisting of (a) 130,000,000 shares of common stock (the
 “Common Stock”), including (i) 110,000,000 shares of Class A common stock (the “Class A Common Stock”)
and (ii) 20,000,000 shares of Class B common stock (the “Class B Common Stock”), and (b) 1,000,000 shares of preferred
stock (the “Preferred 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 7,528,875 shares of Class B common stock, par value $0.0001
per share (of which up to 956,250 shares are subject to forfeiture) 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 warrant
agreement entered into between the Company and Continental, as warrant agent (the "Warrant Agreement"), as the case
may be, each of the Units, Placement Shares, Placement Warrants and the Warrant Shares will be duly and validly issued, fully paid and
non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance
with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, the Subscriber will have or receive good
title to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind resulting
from actions of, or any failure to act by, the Company, other than (i) transfer restrictions hereunder and pursuant to the Letter Agreement
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 a valid and binding obligation 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 amended and restated 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 by which it is bound or (iii)
violate 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, 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 Warrants or the Warrant Shares in accordance with the terms hereof.

 

     

     

    

 

4. Legends

 

4.1
Legend. The Company will issue the Units, Placement Shares and Placement Warrants, and, when issued, the Warrant Shares, purchased
by Subscriber in the name of 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
THESE 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 RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT AMONG PAPAYA GROWTH OPPORTUNITY CORP. I AND THE OTHER PARTIES
THERETO AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM THEREOF PURSUANT TO THE TERMS SET
FORTH IN THE LETTER AGREEMENT."

 

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 (ii) pursuant to an available exemption from the registration requirements of the Securities Act and
applicable state securities laws and (iii) in compliance herewith and with the Letter Agreement.

 

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, 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, the Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions with respect to the Securities in connection with (i) the exercise of redemption rights
in connection with the Company's consummation of the Business Combination, or (ii) upon the Company's redemption of shares of Common
Stock upon the Company's failure to consummate the Business Combination within 15 months, which is extendable at the Subscriber’s
option to up to 21 months, from the completion of the IPO or the liquidation of the Company prior to the expiration of such period. In
the event Subscriber purchases shares of Common Stock in the IPO or in the aftermarket ("Public Shares"), the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions with respect to any Public Shares in
connection with the exercise of redemption rights in connection with the Company's consummation of the Business Combination. For the
avoidance of doubt, the Subscriber shall be eligible to redeem any Public Shares 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, or liquidates, within 15 or up to 21
months, as applicable, from the completion of the IPO.

 

6. Termination of Placement Warrants.

 

6.1
Failure to Consummate Business Combination. The Placement Warrants shall be terminated upon the dissolution of the Company
or in the event that the Company does not consummate the Business Combination within 15 months, which is extendable at the Subscriber’s
option to up to 21 months, from the completion of the IPO.

 

6.2
Termination of Rights as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then after such
time, the Subscriber (or its successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company
shall take such action as is appropriate to cancel such Placement Warrants. The Subscriber hereby irrevocably grants the Company a limited
power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company
necessary to effect the foregoing.

 

     

     

    

 

7. Rescission Right Waiver and Indemnification.

 

7.1 The
Subscriber understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be no
general solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to
the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Subscriber may have a right to
rescind its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its
stockholders and the amounts in the Trust Account from claims that may adversely affect the Company or the interests of its
stockholders, Subscriber hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or
rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units. The Subscriber acknowledges and
agrees this waiver is being made in order to induce the Company to sell the Units to Subscriber. The Subscriber agrees the foregoing
waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings
(collectively, "Claims") and related losses, costs, penalties, fees, liabilities and damages, whether compensatory,
consequential or exemplary, and expenses in connection therewith, including reasonable attorneys' and expert witness fees and
disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any Claims, whether
pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase of the Units
hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

7.2
The Subscriber agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase
of the Units or any Claim that may arise now or in the future.

 

7.3
The Subscriber acknowledges and agrees that the stockholders of the Company are and shall be third-party beneficiaries of
this Section 7.

 

7.4
The Subscriber agrees that, to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, the
Subscriber has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification
or bar that applies to a legal right. The Subscriber acknowledges the receipt and sufficiency of consideration received from the Company
hereunder in this regard.

 

8. Terms of the Units and Placement Warrant

 

The
Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and their
component parts will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation
of the Business Combination, and (ii) the Units and their component parts are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after they are registered or an exemption from registration is
available, and the restrictions described above in clause (i) have expired.

 

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 without regard to conflicts. 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
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
hereof 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 the party against whom enforcement of any such amendment, waiver,
discharge or termination is sought.

 

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 recipient has consented
to receive notice; (b) if by a posting on an electronic network together with separate notice to the recipient 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 recipient.

 

12. Counterparts

 

This
Agreement may be executed in two 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.

 

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]

 

     

     

    

 

Accepted and agreed on the date set forth above.

 

	 	PAPAYA GROWTH
    OPPORTUNITY CORP. I
	 	 	 
	 	By:	 
	 	 	Name:
    Clay Whitehead
	 	 	Title: Chief Executive Officer

 

Accepted and agreed on the date
set forth above.

 

	 	SUBSCRIBER:
	 	 
	 	POMEGRANATE
    GROWTH OPPORTUNITY I SPONSOR, LLC
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:

 

[Papaya
Growth Opportunity Corp. I Placement Unit Subscription Agreement Signature Page]Exhibit 10.9

 

PAPAYA GROWTH OPPORTUNITY CORP. I

2201 Broadway, #750

Oakland, CA 94612

[__], 2022

 

Papaya Growth Opportunity I Sponsor, LLC

2201 Broadway, #750

Oakland, CA 94612

 

	 	Re:	Administrative Services Agreement

 

Gentlemen:

 

This letter agreement by and between Papaya Growth
Opportunity Corp. I (the "Company") and Papaya Growth Opportunity I Sponsor, LLC (the "Sponsor"), dated
as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed on the Nasdaq
Global Market (the "Listing Date"), pursuant to a Registration Statement on Form S-1 and prospectus filed with the Securities
and Exchange Commission (the "Registration Statement") and continuing until the earlier of the consummation by the Company
of an initial business combination or the Company's liquidation (in each case as described in the Registration Statement) (such earlier
date hereinafter referred to as the "Termination Date"):

 

(i) The Sponsor or one of its affiliates or designees
shall make available to the Company, at 2201 Broadway, #750, Oakland, CA 94612 (or any successor location of Sponsor or its affiliates
or designees), certain office space, utilities, and shared personnel support services as may be reasonably requested by the Company. In
exchange therefor, the Company shall pay the Sponsor the sum of $33,333 per month on the Listing Date and continuing monthly thereafter
until the Termination Date; and

 

(ii) The Sponsor hereby irrevocably waives any
and all right, title, interest, causes of action and claims of any kind (each, a "Claim") in or to, and any and all right
to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company
and into which substantially all of the proceeds of the Company's initial public offering will be deposited (the "Trust Account"),
and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this letter agreement, which Claim
would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further
agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets
in the Trust Account for any reason whatsoever.

 

This letter agreement may not be amended, modified
or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign either this letter
agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title
to the purported assignee.

 

This letter agreement, the entire relationship
of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed
by, construed in accordance with, and interpreted pursuant to the laws of the Commonwealth of Pennsylvania, without giving effect to its
choice of laws principles.

 

[Signature pages follows]

 

    

     

    

 

	 	Very truly yours,
	 	 
	 	PAPAYA GROWTH OPPORTUNITY CORP. I
	 	 	 	 
	 	By:	 
	 	 	Name:	Clay Whitehead
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Administrative Services Agreement]

 

    

     

    

 

AGREED TO AND ACCEPTED BY:

	 	 	 
	PAPAYA GROWTH OPPORTUNITY I SPONSOR, LLC	 
	 	 	 
	By:	                                 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Administrative Services Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]