SEC Contract Filing

Filing Date: 2021-11-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>tm2131979d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">November 2, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fortune Rise Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">48 Bridge Street, Building A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Metuchen, New Jersey 08840</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Re: Initial Public Offering</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter (this &ldquo;<B>Letter
Agreement</B>&rdquo;) is being delivered to you in accordance with the Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;)
to be entered into by and among Fortune Rise Acquisition Corporation, a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), US Tiger
Securities, Inc. (&ldquo;<B>US Tiger</B>&rdquo;) and EF Hutton Group, division of Benchmark Investments, LLC (&ldquo;<B>EF Hutton</B>&rdquo;),
as the underwriters (each, an &ldquo;<B>Underwriter</B>&rdquo; and collectively, the &ldquo;<B>Underwriters</B>&rdquo;), relating to an
underwritten initial public offering (the &ldquo;<B>Public Offering</B>&rdquo;), of up to 8,500,000 of the Company&rsquo;s units (including
up to 1,275,000 units that may be purchased to cover over-allotments, if any) (the &ldquo;<B>Units</B>&rdquo;), each comprised of one
share of the Company&rsquo;s Class A common stock, par value $0.0001 per share (the &ldquo;<B>Class A Common Stock</B>&rdquo;), and one-half
of one redeemable warrant. Each Warrant (each, a &ldquo;<B>Warrant</B>&rdquo;) entitles the holder thereof to purchase one share of Class
A Common Stock at a price of $11.50 per share, subject to adjustment. No fractional warrants will be issued upon separation of the units
and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole
warrant. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the &ldquo;<B>Prospectus</B>&rdquo;)
filed by the Company with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) and the Units have been approved
to be listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 12 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Fortune Rise Sponsor LLC (the &ldquo;<B>Sponsor</B>&rdquo;),
US Tiger, EF Hutton, and each of the undersigned individuals, each of whom is a member of the Company&rsquo;s board of directors and/or
management team or a personnel of the Company or a designee of them (each, an &ldquo;<B>Insider</B>&rdquo; and collectively, the &ldquo;<B>Insiders</B>&rdquo;),
hereby agrees with the Company as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the Initial Stockholders agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of
any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder
approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider agrees that it,
he or she will not seek to sell its, his or her shares of Common Stock to the Company in connection with such tender offer.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the Initial Stockholders agrees that in the event that the Company fails to consummate a Business Combination within 12 months
from the closing of the Public Offering (or 18 months, if we extend the time to complete a business combination as described in this prospectus)
or such later period approved by the Company&rsquo;s stockholders in accordance with the Company&rsquo;s amended and restated certificate
of incorporatio