Document:

Exhibit 10.2 

 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

WESTERN ACQUISITION VENTURES
CORP.

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of [●], 2021, by and between Western Acquisition Ventures Corp.,
a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability
trust company (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-[●] (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of one share of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), and one redeemable warrant to purchase three-quarters (3/4)
of a share of Common Stock at a price of $11.50 per whole share, subject to adjustment (such initial public offering hereinafter referred
to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission (the
 “SEC”);

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated [●], 2021 (the “Underwriting Agreement”), with A.G.P./Alliance Global
Partners (“A.G.P.”), as representative (the “Representative”) of the several underwriters named therein (the “Underwriters”);

 

WHEREAS, as described
in the Prospectus, $100,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting
Agreement) (or $115,000,000, if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to
be deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the
benefit of the Company, the holders of the Common Stock included in the Units issued in the Offering, and the Underwriters, 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 Company and the Underwriters will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to
the Underwriting Agreement, the Company will pay A.G.P. an underwriting fee of $500,000 upon completion of the Offering. As an additional
underwriting fee, Western Acquisition Ventures Sponsor LLC, the sponsor of the Company, previously transferred to A.G.P. 750,000 shares
of Common Stock (97,826 of which are subject to forfeiture, as further described in the Registration Statement). The Company will pay
A.G.P. an advisory fee of 4.5% of the proceeds from the Offering, payable in cash at consummation of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination (the “Business Combination”) by the Company (it being understood that, if the Business Combination does
not occur, then A.G.P. shall not be entitled to such advisory fee)(the “Business Combination Fee”); 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 a segregated Trust Account,
which Trust Account shall be established by the Trustee in the United States at [●], maintained by the Trustee, 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 (the “Investment
Company Act”), having a maturity of 180 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company, it being
understood that the Trustee has no obligation to monitor or question the Company’s determination that an investment is in compliance
with the foregoing clause; Company shall not instruct the Trustee to invest in any other securities or assets;

 

    

     

    

 

(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 Representative 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 in connection with the Company’s
preparation of its tax returns, 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, and to such other person as the Company may instruct, monthly written statements of the activities
of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i)                 
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with,
the terms of a letter from the Company (the “Termination Letter”) in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial
Officer, President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”) or other
authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account,
including interest earned on the funds held in the Trust Account (less up to $100,000 of interest that may be released to the Company
to pay dissolution expenses in the case of a Termination Letter in the form of Exhibit B hereto), only as directed in the Termination
Letter and the other documents referred to therein, or (y) upon the date which is, the later of (1) 12 months (or up to 18 months, as
described in the Company’s amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”))
after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders in accordance with
the Company’s Amended and Restated Certificate of Incorporation 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 form of letter attached
hereto as Exhibit B and the Property in the Trust Account, including interest earned on the funds in the Trust Account (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;

 

(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 (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 for redemption in connection with a stockholder vote to approve: (i)
an amendment to the Amended and Restated Certificate of Incorporation to modify the substance or timing of the ability of Public Stockholders
to seek redemption in connection with an 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 the Amended and
Restated Certificate of Incorporation, or (ii) an amendment with respect to any other provision of the Amended and Restated Certificate
of Incorporation relating to stockholders’ rights or pre-initial Business Combination activity. The written request of the Company
referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have
no responsibility to look beyond said request; and

 

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

 

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

 

(a)                
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive
Officer, Chief Financial Officer, President, Executive Vice President, Vice President, or Secretary. In addition, except with respect
to its duties under Sections 1(i), 1(j), 1(k) and 1(l) 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 Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all documented
out-of-pocket expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with
any action taken by it hereunder and in connection with any 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 such consent shall not be unreasonably withheld.
The Company may participate in such action with its own counsel;

 

(c)                
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless and until the closing of the Business Combination. The Company shall pay the
Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund
to the Company the annual administration fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account.
The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule
A and as may be provided in Section 2(b) hereof;

 

(d)               
In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee
an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding
such Business Combination;

 

(e)                
Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the
Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

    

     

    

 

(f)                 
Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Business Combination Fee is
paid directly to the account or accounts directed by the Representative prior to any transfer of the funds held in the Trust Account to
the Company or any other person;

 

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

 

(h)               
Within four (4) business days after the Underwriters exercise their over-allotment option in connection with the Offering
(or any unexercised portion thereof) or such over-allotment expires, provide the Trustee with a notice in writing of the total amount
of the Business Combination Fee, as defined above.

 

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

 

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

 

(b)               
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have
no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct,
and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred
as a result of the liquidation of any such investment prior to its maturity date or the failure of the Company to provide timely written
investment instruction;

 

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

 

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

 

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

 

(f)                 
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken
or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful
misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care,
to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or
any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall
give its prior written consent thereto;

 

(g)               
Verify the correctness of the information set forth in the Registration Statement;

 

(h)               
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company
is as contemplated by the Registration Statement;

 

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

 

    

     

    

 

(j)                 
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated
by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including,
but not limited to, income tax obligations, except pursuant to Section 1(j) hereof; or

 

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

 

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 Section 2(b) or Section 2(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, pending which the Trustee shall continue to act in accordance with this Agreement.
At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become
subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall
terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90)
days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit,
the Trustee shall be immune from any liability whatsoever; or

 

(b)               
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with
the provisions of Section 1(i) 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 below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying
information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or out-of-pocket expense resulting
from any error in the information or transmission of the funds.

 

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

 

(c)                
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. Subject to Section 6(d), 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, 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 properly indicated his election to redeem his shares of Common Stock in connection with such stockholder
vote. 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.

 

(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 electronic mail:

 

if to the Trustee, to:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue |

Brooklyn, NY 11219

Attn: Relationship Management

Email: admin12@astfinancial.com

 

if to the Company, to:

 

Western Acquisition
Ventures Corp.

42 Broadway, 12th Floor

New York, New York
10004

Attention: Stephen
Christoffersen

Email: schristoffersen@westacqventures.com

 

in each case, with copies to:

 

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attention: Ari Edelman,
Esq. and Marc Hauser, Esq.

Email: AEdelman@reedsmith.com;
MHauser@reedsmith.com

 

(g)               
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized
to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees
that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

 

(h)               
This Agreement is the joint product of the Trustee 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.

 

    

     

    

 

(i)                 
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or
electronic transmission shall constitute valid and sufficient delivery thereof.

 

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

 

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

 

[Signature page follows]

 

    

     

    

 

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

 

	 	AMERICAN STOCK TRANSFER & TRUST

 COMPANY, LLC , as Trustee
	 	 	 	 
	 	 	 	 
	 	By 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	WESTERN ACQUISITION VENTURES CORP.
	 	 	 	 
	 	 	 	 
	 	By 	 
	 	 	Name: 	Stephen Christoffersen
	 	 	Title: 	Chief Executive Officer

 

[Signature Page to Investment Management Trust
Agreement]

 

    

     

    

 

SCHEDULE A

 

	Fee Item	Time and method of payment	Amount
	Initial set-up fee.	Initial closing of Offering by wire transfer.	$	$ 
	Trustee administration fee	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	$	$ 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j), (k) and (l)	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	$	$
	Paying
Agent services as required pursuant to Section 1(i), (j), (k) and (l) 

                                                                                                                                                        
	Billed to Company upon delivery of service pursuant to Section 1(i), (j), (k) and (l)	 	Prevailing rates

 

    

     

    

 

EXHIBIT A

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue |

Brooklyn, NY 11219

Attn: Relationship Management

 

		Re:	Trust Account No.               
Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Acquisition Corp. (the “Company”) and American Stock Transfer & Trust
Company, LLC (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), this is to advise you that
the Company has entered into an agreement with ___________________ (the “Target Business”) to consummate a business combination
with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least forty-eight
(48) hours (or such shorter time as you may agree) in advance of the actual date fixed for 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 on [insert date], such
that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or
accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative (with respect to the
Business Combination Fee)). It is acknowledged and agreed that while the funds are on deposit in the Trust Account awaiting distribution,
the Company will not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and
(ii) the Company shall deliver to you (a) a certificate of its Chief Executive Officer (the “Vote Verification Certificate”),
which verifies either that (i) the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is
held or (ii) no vote of the Company’s stockholders for the approval of the Business Combination is required and none has been held,
and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds held in the
Trust Account, including payment of amounts owed to Public Stockholders who have properly exercised their redemption rights and payment
of the Business Combination Fee to the Representative from the Trust Account (the “Instruction Letter”). You are hereby directed
and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification, the Vote Verification
Certificate and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held
in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same
and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation
Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

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

 

	 	Very truly yours,
	 	
    Western Acquisition Ventures Corp.

    

	 	By 	 
	 	 	Name:
	 	 	Title:

 

		cc:	A.G.P./Alliance Global Partners 

 

    

     

    

 

EXHIBIT B

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue |

Brooklyn, NY 11219

Attn: Relationship Management

 

		Re:	Trust Account No.                   
Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Mount Rainier Acquisition Corp. (the “Company”) and American Stock Transfer
 & Trust Company, LLC (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 the Offering. Capitalized terms used
but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on ____________, 20__ and keep the
total proceeds thereof in the Trust Account to await distribution to the Public Stockholders. The Company has selected _______________
[1] as the effective date for the purpose of determining when
the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record
and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Public Stockholders in accordance with
the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all
the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	
    Western Acquisition Ventures Corp.

    

	 	By 	 
	 	 	Name:
	 	 	Title:

 

		cc:	A.G.P./Alliance Global Partners 

 

 

 

1
18 months from the closing of the Offering.

 

    

     

    

EXHIBIT C

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue |

Brooklyn, NY 11219

Attn: Relationship Management

 

		Re:	Trust Account No.                        Tax
Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement between Mount Rainier Acquisition Corp. (the “Company”) and American Stock Transfer
 & Trust Company, LLC (the “Trustee”), 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. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	
    Western Acquisition Ventures Corp.

    

	 	By 	 
	 	 	Name:
	 	 	Title:

 

		cc:	A.G.P./Alliance Global Partners 

 

    

     

    

 

EXHIBIT D

[Letterhead of Company]

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue |

Brooklyn, NY 11219

Attn: Relationship Management

 

		Re:	Trust Account No.                 Stockholder
Redemption Withdrawal Instruction

 

Gentlemen:

 

Pursuant to Section
1(k) of the Investment Management Trust Agreement between Mount Rainier Acquisition Corp. (the “Company”) and American
Stock Transfer & Trust Company, LLC (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver $_____________ of the principal and interest income earned on the Property as of the date
hereof to a segregated account held by you on behalf of Public Stockholders who have properly elected to have their shares of Common Stock
that were sold by the Company in the Offering (the “Public Shares”) redeemed by the Company as described below. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay the Public Stockholders who have properly elected to have their Public Shares redeemed by the Company in connection with a stockholder
vote to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation to modify the substance or timing
of the ability of Public Stockholders to seek redemption in connection with an initial Business Combination or the Company’s obligation
to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within such time as is described
in the Company’s Amended and Restated Certificate of Incorporation or to affect provisions of the Company’s Amended and Restated
Certificate of Incorporation relating to the Company’s pre-initial Business Combination activity or related stockholder rights.
As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
a segregated account held by you on behalf of such Public Stockholders.

 

	 	Very truly yours,
	 	
    Western Acquisition Ventures Corp.

    

	 	By 	 
	 	 	Name:
	 	 	Title:

 

		cc:	A.G.P./Alliance Global PartnersExhibit 10.5

 

REGISTRATION RIGHTS AGREEMENT

WESTERN ACQUISITION VENTURES CORP.

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of [ ], 2021, is made and entered into by and among each of Western Acquisition
Ventures Corp., a Delaware corporation (the “Company”), Western Acquisition Ventures Sponsor LLC, a Delaware limited liability
company (the “Sponsor”), and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2
of this Agreement, including, without limitation, A.G.P./Alliance Global Partners, Inc., a Delaware corporation (each, a “Holder”
and collectively, the “Holders”).

 

RECITALS

 

WHEREAS, On June 9,
2021, the Sponsor purchased 4,312,500 of the Company’s Common Stock (“Common Stock”) for an aggregate purchase price
of $25,000, which includes 1,207,500 shares of Common Stock transferred to A.G.P./Alliance Global Partners (“A.G.P.”) after
issuance (up to 157,500 shares of which are subject to forfeiture to the extent that the underwriters’ over-allotment option in
the Company’s initial public offering (the “IPO”) is not exercised in full or in part). On November [ ], 2021, the
Company effected a 2:3 split of its Common Stock, and A.G.P. sold back to the Sponsor 55,000 founder shares for $478.26, such that the
Sponsor owns 2,125,000 founder shares, and A.G.P. owns 750,000 founder shares (of which 277,174 founder shares and 97,826 founder shares,
respectively, are subject to forfeiture to the extent that the over-allotment option is not exercised in full or in part so that the
initial stockholders will collectively own 20% of the Company’s issued and outstanding shares after this offering).

 

WHEREAS, the Sponsor
has entered into a unit subscription agreement with the Company (the “Placement Unit Subscription Agreement”), pursuant to
which the Sponsor agreed to purchase 361,000 units (or up to 376,000 units depending on the extent to which the underwriters’ over-allotment
option is exercised) of the Company (each, a “Placement Unit” and collectively, the “Placement Units”), each Placement
Unit consisting of one share of Common Stock (each, a “Placement Share” and collectively, the “Placement Shares”)
and one redeemable warrant, with each warrant entitling the holder to purchase three-quarters of a share of Common Stock at a price of
$11.50 per whole share, subject to adjustment (each, a “Placement Warrant” and collectively, the “Placement Warrants”),
in a private placement transaction occurring simultaneously with the closing of the IPO;

 

WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor,
or an affiliate of the Sponsor or certain of the Company’s officers and directors, may loan to the Company funds as the Company
may require, which loans may be convertible into units (“Working Capital Units”) at a price of $10.00 per unit, each unit
consisting of one share of Common Stock and three-quarters of one redeemable warrant; 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 representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1               
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:

 

    

     

    

 

		(i)	“Adverse Disclosure” shall mean any public disclosure of material non-public information,
of which disclosure, in the good faith judgment of the Board or the Chairman, 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.

 

		(ii)	“Agreement” shall have the meaning given in the Preamble.

 

		(iii)	“Board” shall mean the Board of Directors of the Company.

 

		(iv)	“Business Combination” shall mean any merger, capital stock exchange, asset acquisition, stock
purchase, reorganization, or similar business transaction with one or more businesses involving the Company.

 

		(v)	“Business Day” shall mean any day, other than a Saturday or a Sunday, that is neither a legal
holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in the City of New
York, New York.

 

		(vi)	“Commission” shall mean the Securities and Exchange Commission.

 

		(vii)	“Common Stock” shall have the meaning given in the Recitals hereto.

 

		(viii)	“Company” shall have the meaning given in the Preamble.

 

		(ix)	“Demand Registration” shall have the meaning given in subsection 2.1.1.

 

		(x)	“Demanding Holders” shall have the meaning given in subsection 2.1.1.

 

		(xi)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time
to time.

 

		(xii)	“Form S-1” shall have the meaning given in subsection 2.1.1.

 

		(xiii)	“Form S-3” shall have the meaning given in subsection 2.3.

 

		(xiv)	“Founder Shares” shall have the meaning given in the Recitals hereto.

 

		(xv)	“Founder Shares Lock-up Period” shall mean, with respect to the Founder Shares, the period
beginning on the later of: (i) one year after the date that the registration statement for the IPO is declared effective by the SEC;
and (ii) the consummation by the Company of its initial business combination, and terminating on the five-year anniversary of the
completion of its initial business combination; provided, in each case, that the Company has an effective registration statement under
the Securities Act covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to such
shares of common stock is available (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances
specified in the warrant agreement).

 

		(xvi)	“Holders” shall have the meaning given in the Preamble.

 

    -2-

     

    

 

		(xvii)	“IPO” shall have meaning set forth in the Recitals hereto.

 

		(xviii)	“Letter Agreement” 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.

 

		(xix)	“Maximum Number of Securities” shall have the meaning given in subsection 2.1.4.

 

		(xx)	“Misstatement” shall mean 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 in a Registration
Statement, or Prospectus (in the case of a Prospectus in the light of the circumstances under which they were made) not misleading.

 

		(xxi)	“Permitted Transferees” shall mean any person or entity to whom a Holder of Registrable Securities
is permitted to transfer such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Placement Unit Lock-up
Period, as the case may be, under the Letter Agreement, the Placement Unit Subscription Agreements and any other applicable agreement
between such Holder and the Company, and to any transferee thereafter.

 

		(xxii)	“Piggy-back Registration” shall have the meaning given in Section 2.2.1.

 

		(xxiii)	“Placement Share” or “Placement Shares” shall have the meaning given in the Recitals
hereto.

 

		(xxiv)	“Placement Unit Lock-up Period” shall mean, with respect to the Placement Units, Placement
Shares, Placement Warrants, and any of the shares of Common Stock issued or issuable upon the exercise of such Placement Warrants, a period
beginning on the date of the issuance of the Placement Units (including Placement Shares, Placement Warrants, and any of the shares of
Common Stock issued or issuable upon the exercise of such Placement Warrants) and terminating 30 days after the consummation of a Business
Combination, subject to certain exceptions set forth in the Letter Agreement and the Placement Unit Subscription Agreements.

 

		(xxv)	“Placement Unit” or “Placement Units” shall have the meaning given in the Recitals
hereto.

 

		(xxvi)	“Placement Warrant” or “Placement Warrants” shall have the meaning given in the
Recitals hereto.

 

		(xxvii)	“Pro Rata” shall have the meaning given in Section 2.1.4.

 

		(xxviii)	“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented
by any and all prospectus supplements and as amended by any and all post-effective amendments, and including all materials incorporated
by reference in such prospectus.

 

		(xxix)	“Prospectus Date” shall mean the date of the final Prospectus filed with the Commission and
relating to the IPO.

 

    -3-

     

    

 

		(xxx)	“Registrable Security” shall mean: (a) the Founder Shares; (b) the Placement Warrants (including
any shares of Common Stock issued or issuable upon the exercise of any such Placement Warrants); (c) the Placement Shares; (d) any outstanding
shares of Common Stock or any other equity security (including the Common Stock issued or issuable upon the exercise of any other equity
security) held by a Holder as of the date of this Agreement; (e) any equity securities (including the shares of Common Stock issued or
issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans made to the
Company by a Holder (including the Working Capital Units and any shares of Common Stock issuable upon the exercise of the warrants included
in the Working Capital Units); and, (f) any other equity security of the Company issued or issuable with respect to any such shares of
Common Stock by way of a stock dividend or stock split or in connection with a combination of stock, acquisition, recapitalization, consolidation,
reorganization, stock exchange, stock reconstruction, and amalgamation or contractual control arrangement with, purchasing all or substantially
all of the assets of, or engagement in any other similar transaction; provided, however, that, as to any particular Registrable Security,
such securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act, at the earlier of: (A) one year following the date the Registration Statement is
declared effective, or (B) the date that such securities shall have been sold, transferred, disposed of or exchanged in accordance with
such Registration Statement; (ii) such securities may otherwise be transferred, new certificates for such securities not bearing a legend
restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not
require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) such securities have been
sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction; or, (v) 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).

 

		(xxxi)	“Registration” shall 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.

 

		(xxxii)	“Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including,
without limitation, the following:

 

		(a)	all registration and filing fees (including fees with respect to filings required to be made with the
Financial Industry Regulatory Authority, Inc. (“FINRA”) and any securities exchange on which the Common Stock is then listed);

		(b)	fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements
of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

		(c)	printing, messenger, telephone, and delivery expenses;

		(d)	reasonable fees and disbursements of counsel for the Company;

		(e)	reasonable fees and disbursements of all independent registered public accountants of the Company incurred
specifically in connection with such Registration, and

		(f)	reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding
Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration.

 

		(xxxiii)	“Registration Statement” shall mean any registration statement that covers the Registrable
Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments
(including post-effective amendments) and supplements to such registration statement, and all exhibits to and all materials incorporated
by reference in such registration statement.

 

		(xxxiv)	“Requesting Holder” shall have the meaning given in subsection 2.1.1.

 

		(xxxv)	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended from time to time.

 

		(xxxvi)	“Sponsor” shall have the meaning given in the Preamble.

 

    -4-

     

    

 

		(xxxvii)	“Underwriter” shall mean 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.

  

		(xxxviii)	“Underwritten Registration” or “Underwritten Offering” shall mean a Registration
in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

		(xxxix)	“Working Capital Units” shall have the meaning given in the Recitals hereto.

 

 

ARTICLE
II

REGISTRATIONS

 

2.1          Demand
Registration.

 

		2.1.1	Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof,
at any time and from time to time on or after the date the Company consummates the Business Combination, the Holders of a majority-in-interest
of the then outstanding number of Registrable Securities (the “Demanding Holders”), may make a written demand for Registration
under the Securities Act of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities
to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”).
The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders
of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion
of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all
or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the
Company, in writing, within five (5) Business Days after the receipt by the Holder of the notice from the Company. Upon receipt by the
Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have
their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall, not more than forty five
(45) days after the Company’s receipt of the Demand Registration, file a Registration Statement on Form S-1 or any similar long-form
registration statement that may be available at that time (“Form S-1”) with respect to all Registrable Securities requested
by the Demanding Holders and Requesting Holders pursuant to such Demand Registration, and shall use its reasonable best efforts to cause
such Registration Statement to be declared effective by the Commission as soon as practicable thereafter; provided, however, that the
Company may use a Registration Statement on Form S-3 or any successor form thereto if the Company would qualify to use such form within
30 days after the date on which the initial demand request is given and the Company shall not be required to file such Registration Statement
until it is so qualified. Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations
pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that
a Registration shall not be counted for such purposes unless a Registration Statement has become effective and all of the Registrable
Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Demand Registration have been
sold in accordance with Section 3.1 of this Agreement.

 

    -5-

     

    

 

		2.1.2	Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part
of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until: (i) the Registration
Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the
Commission, and (ii) 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, an offering of Registrable Securities in a Registration pursuant
to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or
any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared
effective, unless and until, (x) such stop order or injunction is removed, rescinded or otherwise terminated, and (y) a majority-in-interest
of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing, but in no event later than five (5) days, of such election; and, provided, further, that the Company shall
not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with
respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

		2.1.3	Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if
a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable
Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder
or Requesting Holder (if any) 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 such Underwritten Offering
to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering
under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
Offering by a 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
Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if
any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any)
desire to sell, taken together with all other shares of Common Stock or other equity securities that the Company desires to sell and the
shares of Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration
rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that
can be sold in the 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) first, the Registrable Securities
of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each
Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of
Registrable Securities that the Demanding Holders and Requesting Holders have collectively requested be included in such Underwritten
Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number
of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the
Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested)
exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, which can be sold without exceeding
the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii),the shares of Common Stock or other equity securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i), (ii) and (iii), the shares of Common Stock or other equity securities of other persons or entities 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.

 

    -6-

     

    

 

		2.1.5	Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand
Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have
the right in their sole discretion to withdraw from a Registration pursuant to such Demand Registration upon written notification to the
Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness
of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such
Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

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, 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 hereof), other than a Registration Statement: (i) filed in connection with any employee stock option or other benefit plan; (ii) for
an exchange offer, as part of a merger, consolidation or similar transaction or for an 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 give written notice of such proposed filing to all of the Holders of Registrable Securities
as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice
shall (A) 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, in such offering, and (B) offer to all of the Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within
five (5) Business Days after receipt of such written 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 such Holders proposing to distribute their Registrable Securities through an
Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering by the Company. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback
Registration at any time in its sole discretion.

 

		2.2.2	Reduction of Piggy-back Registration. If the managing Underwriter or Underwriters in an Underwritten Registration
that is to be a Piggy-back Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in
the Piggy-back Registration in writing that the dollar amount or number of the shares of Common Stock that the Company desires to sell,
taken together with: (i) the shares of 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 of Registrable Securities hereunder; (ii) the Registrable Securities as to
which registration has been requested pursuant to Section 2.2.1 hereof; and, (iii) the shares of Common Stock, if any, as to which Registration
has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds
the Maximum Number of Securities, then:

 

    -7-

     

    

 

		(a)	If the Registration is undertaken for the Company’s account, the Company shall include in any such
Registration: (A) first, the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and, (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock, if any,
as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the
Company, which can be sold without exceeding the Maximum Number of Securities; and,

		(b)	If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable
Securities, then the Company shall include in any such Registration: (A) first, the shares of Common Stock or other equity securities,
if any, of such requesting persons or entities other than the Holders of Registrable Securities, which can be sold without exceeding the
Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection
2.2.1, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other equity securities that
the Company desires to sell which can be sold without exceeding the Maximum Number of Securities; and, (D) fourth, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other
equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written
contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

		2.2.3	Piggy-back Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw
from a Piggy-back Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of his, her or its intention to withdraw from such Piggy-back Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggy-back Registration. The Company (in its sole discretion or as the result of a request
for withdrawal by persons pursuant to separate written contractual obligations) may postpone or withdraw the filing or effectiveness of
a Piggy-back Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggy-back Registration prior to its withdrawal under this subsection 2.2.3.

 

    -8-

     

    

 

		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; provided,
however, that the rights to demand a Piggy-back Registration under this Section 2.2 shall terminate on the second anniversary of the consummation
of the Business Combination.

 

 

2.3          Registrations on Form S-3.

Provided that the Company has
qualified for the use of a Registration Statement on Form S-3 or any successor form thereto, any Holder of Registrable Securities may,
at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor
rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar
short-form Registration Statement that 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. Within ten (10) days of the Company’s receipt of a written
request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice
of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who
thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so
notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. As soon as practicable
thereafter, but not more than thirty (30) days after the Company’s initial receipt of such written request for a Registration on
Form S-3, the Company shall file a Registration Statement on Form S-3 with respect to the Registrable Securities of such Holder(s) as
are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining
in such request as are specified in the written notification given by such Holder or Holders, and shall use its reasonable best efforts
to cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter; provided, however,
that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if: (i) a Form S-3 is not available
for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company
entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any
aggregate price to the public of less than $10,000,000. The rights to demand Registration on Form S-3 under this Section 2.3 shall terminate
on the third anniversary of the Business Combination.

 

2.4          Restrictions on Registration Rights. The Company shall not be obligated to effect any Demand Registration within
180 days after the effective date of a previous Demand Registration or a previous Piggy-back Registration in which holders of Registrable
Securities were permitted to register, and actually sold, 75% of the Registrable Securities requested to be included therein. The Company
may postpone for up to 120 days the filing or effectiveness of (A) a Registration Statement for a Demand Registration if the Holders have
requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite
the offer, or (B) a Registration Statement for a Demand Registration or a Registration on Form S-3 if the Registration Statement is required
under applicable law, rule or regulation to contain: (i) financial statements that are unavailable to the Company for reasons beyond the
Company’s control; (ii) audited financial statements as of a date other than the Company’s fiscal year end (unless the Holders
requesting Registration agree to pay the reasonable expenses of this audit); (iii) pro forma financial statements that are required to
be included in a registration statement; or (iv) if the Board determines in its reasonable good faith judgment that such Demand Registration
would (x) materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company,
(y) require the Company to make an Adverse Disclosure, or (z) render the Company unable to comply with requirements under the Securities
Act or Exchange Act; provided, that in such event the Holders of a majority-in-interest of the Registrable Securities initiating a Demand
Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as
one of the permitted Demand Registrations hereunder and the Company shall pay all Registration Expenses in connection with such Registration.
The Company may delay a Demand Registration hereunder only twice in any period of twelve consecutive months.

 

    -9-

     

    

 

ARTICLE
III

COMPANY PROCEDURES

 

3.1          General Procedures. If at any time on or after the date the Company consummates a Business Combination, the Company
is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to
permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the
Company shall:

 

		3.1.1	Prepare and file with the Commission, as soon as practicable, a Registration Statement with respect to
such Registrable Securities, and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective
until all Registrable Securities covered by such Registration Statement have been sold;

 

		3.1.2	Prepare and file with the Commission such amendments and post-effective amendments to the Registration
Statement, and such supplements to the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as
may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities
Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such
Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus and either (i) any underwriter over-allotment option has terminated by its terms, or (ii) the underwriters have advised
the Company that they will not exercise such option or any remaining portion thereof;

 

		3.1.3	Furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included
in such Registration, or such Holders’ legal counsel, copies of the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated
by reference therein), and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration
or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

		3.1.4	Prior to any public offering of Registrable Securities, 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 any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan
of distribution) may reasonably 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 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 reasonably necessary or advisable to enable the Holders of Registrable
Securities 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 taxation in any such jurisdiction
where it is not then otherwise so subject;

 

		3.1.5	Use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities
exchange or automated quotation system on which similar securities issued by the Company are then listed;

 

    -10-

     

    

 

		3.1.6	Provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities
no later than the effective date of such Registration Statement;

 

		3.1.7	Advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceeding for such purpose and promptly use its commercially reasonable best efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued;

 

		3.1.8	At least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment
or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration
Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation,
providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus.
The Company shall not include the name of any Holder or any information regarding any Holder in any Registration Statement or Prospectus,
any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such
Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder and providing
each such Holder a reasonable amount of time to review and comment on such applicable document, which comments the Company shall include
unless contrary to applicable law;

 

		3.1.9	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 a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

		3.1.10	In the event of an Underwritten Offering, permit the participating Holders to rely on any “cold
comfort” letter from the Company’s independent registered public accountants provided to the managing Underwriter of such
offering;

 

		3.1.11	In the event of an Underwritten Offering, permit the participating Holders to rely on any opinion(s) of
counsel representing the Company for the purposes of such Registration issued to the managing Underwriter of such offering covering legal
matters with respect to the Registration;

 

		3.1.12	In the event of any Underwritten Offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing Underwriter of such offering;

 

		3.1.13	Make available to its security holders, as soon as reasonably practicable, an earnings statement covering
the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective
date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and
which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and
8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

		3.1.14	If the Registration involves the Registration of Registrable Securities involving gross proceeds in excess
of $25,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and,

 

    -11-

     

    

 

		3.1.15	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          Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and all fees and expenses of any legal counsel representing the Holders.

 

3.3          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, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.

 

 

3.4          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 they are advised in writing by the Company that the use of the Prospectus may be resumed and they have 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 reasonably practicable after the time of such notice) and, if so directed by the Company, each Holder shall deliver
to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of
the Prospectus covering such Registrable Securities at the time of receipt of such notice. If the continued use of a Registration Statement
in respect of any Registration at any time would require the Company to make an Adverse Disclosure, or would require the inclusion in
such Registration Statement of: (i) financial statements that are unavailable to the Company for reasons beyond the Company’s control;
(ii) audited financial statements as of a date other than the Company’s fiscal year end (unless the Holders requesting Registration
agree to pay the reasonable expenses of this audit); or (iii) pro forma financial statements that are required to be included in a registration
statement, 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 no more than 180 days. 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 3.4.

 

 

3.5          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 use reasonable best efforts 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 upon request by a Holder furnish such Holder with true and complete
copies of 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 shares of 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, 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.

 

    -12-

     

    

 

ARTICLE
IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1           Indemnification.

 

		4.1.1	The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities,
its officers and directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims,
damages, liabilities and expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto, or
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the
Holder.

 

		4.1.2	In connection with any Registration Statement in which a Holder of Registrable Securities is participating,
such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and
officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including, without limitation, reasonable attorneys’ fees) resulting from any untrue statement of material
fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly
for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable
Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds
received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities
shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the
Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

		4.1.3	Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any
person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party), and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is
not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties
with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment
or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying
party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

    -13-

     

    

 

		4.1.4	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. The Company and each Holder of Registrable Securities participating in an offering
also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the
Company’s or such Holder’s indemnification is unavailable for any reason.

 

		4.1.5	If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or
insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault
of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however,
that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other
fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 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 this subsection 4.1.5. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant
to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

ARTICLE
V

MISCELLANEOUS

 

5.1           Notices.
Any notice or communication under this Agreement must be in writing and given by: (i) deposit in the United States mail, addressed to
the party to be notified, postage prepaid and registered or certified with return receipt requested; (ii) delivery in person or by courier
service providing evidence of delivery; or (iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication
that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered
by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery
receipt of the intended recipient or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation.
Any notice or communication under this Agreement must be addressed to the Company at:

 

    -14-

     

    

 

Western Acquisition
Ventures Corp.

42 Broadway, 12th Floor

New York, New York 10004

Attention: Stephen Christoffersen

Email: schristoffersen@westacqventures.com

 

with a copy to:

 

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attention: Ari Edelman, Esq. and Marc
D. Hauser, Esq.

Email: AEdelman@reedsmith.com and mhauser@reedsmith.com

 

and to the Holders,
at such Holder’s address referenced in Schedule A.

 

Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2           Assignment; No Third Party Beneficiaries.

 

		5.2.1	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. Prior to the expiration of the Founder Lock-up Period or Placement Unit Lock-up Period,
as the case may be, no Holder may assign or delegate his, her or its rights, duties or obligations under this Agreement in whole or in
part. Notwithstanding the above, as it applies to the Registrable Securities, the Holder may transfer such securities during the respective
lock-up period to any Permitted Transferee (as such term is defined in that certain Warrant Agreement between the Company and Continental
Stock Transfer & Trust Company) but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth
in this Agreement, the Letter Agreement and, if applicable, the Placement Unit Subscription Agreements.

 

		5.2.2	Except as set forth in subsection 5.2.1 hereof, this Agreement and the rights, duties and obligations
of the Holders of Registrable Securities hereunder may be assigned or delegated by such Holder of Registrable Securities in conjunction
with and to the extent of any transfer of Registrable Securities by any such Holder.

 

		5.2.3	This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each
of the Holders, the permitted assigns and its successors and the permitted assigns of the Holders.

 

		5.2.4	This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other
than as expressly set forth in this Agreement and Section 5.2 hereof.

 

		5.2.5	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 as provided
in Section 5.1 hereof 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 5.2 shall be null and void.

 

    -15-

     

    

 

5.3               
Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts),
each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need
be produced.

 

5.4               
Governing Law; Venue. THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United
States or the courts of the State of New York in each case located in the city of New York, and each party irrevocably submits to the
exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

EACH PARTY HERETO ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE,
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

5.5               
Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority
in interest of the then outstanding Registrable Securities, 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
of the shares of capital stock of the Company, 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 Holder 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.

 

5.7               
Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable
Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the
Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person.

 

5.8               
Termination. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this
Agreement or, (ii) the date as of which (A) all of the Registrable Securities have either been sold pursuant to a Registration Statement
or cease to be Registrable Securities (but in no event prior to the applicable period referred to in Section 4(3) of the Securities Act
and Rule 174 thereunder) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule
144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale. The
provisions of Section 3.5 and Article IV shall survive any termination.

 

[Signature page follows]

 

    -16-

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:	 
	 	 	 
	 	
    WESTERN ACQUISITION VENTURES CORP.

    

	 	
    a Delaware corporation

    

	 	 	 
	 	 	 
	 	By: 	 
	 	Name: 	Stephen Christoffersen
	 	Title: 	Chief Executive Officer
	 	 	 
	 	HOLDERS:	 
	 	 	 
	 	WESTERN ACQUISITION VENTURES SPONSOR LLC
	 	 	 
	 	
    a Delaware limited liability company

    

	 	 	 
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS, INC.
	 	 	 
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 

 

[Registration Rights Agreement]

 

    

     

    

 

Schedule A

 

	Holder	 	Address
	Western Acquisition Ventures Sponsor, LLC	 	42 Broadway, 12th Floor; New York, New York 10004
	A.G.P./Alliance Global Partners, Inc.	 	590 Madison Avenue, 28th Floor, New York, NY 10022

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