SEC Contract Filing

Filing Date: 2022-12-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>13
<FILENAME>ea169605ex10-2_appreciate.htm
<DESCRIPTION>INVESTOR RIGHTS AGREEMENT, DATED NOVEMBER 29, 2022, BY AND AMONG APPRECIATE HOLDINGS, INC., THE EQUITYHOLDER REPRESENTATIVE, THE SPONSOR REPRESENTATIVE, THE SPONSORS, THE SELLERS AND THE OTHER HOLDERS (EACH AS DEFINED IN THE INVESTOR RIGHTS AGREEMENT)
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.9pt; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.9pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.9pt; text-align: right"><B><I>Execution Version</I></B></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>INVESTOR RIGHTS AGREEMENT</U></B></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; text-align: justify; text-indent: 0.5in">THIS INVESTOR RIGHTS AGREEMENT
(as it may be amended, supplemented or restated from time to time in accordance with the terms of this Investor Rights Agreement, the
&ldquo;<U>Investor Rights Agreement</U>&rdquo;), dated as of November 29, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;), is made by and
among (i) Appreciate Holdings, Inc. (formerly known as PropTech Investment Corporation II), a Delaware corporation (&ldquo;<U>PubCo</U>&rdquo;);
(ii) each of the parties listed as a &ldquo;Seller&rdquo; on the signature pages attached hereto (each, a &ldquo;<U>Seller</U>&rdquo;
and, collectively, the &ldquo;<U>Sellers</U>&rdquo;); (iii) HC PropTech Partners II LLC, a Delaware limited liability company (the &ldquo;<U>Sponsor</U>&rdquo;);
and (iv) (A) Jack Leeney, (B) Courtney Robinson, (C) Gloria Fu, (D) Margaret Whelan and (E) Adam Blake (each, a &ldquo;<U>Sponsor Principal</U>&rdquo;
and, collectively, the &ldquo;<U>Sponsor Principals</U>&rdquo; and, together with the Sponsor, the &ldquo;<U>Founder Holders</U>&rdquo;
and, each, a &ldquo;<U>Founder Holder</U>&rdquo;). Each of PubCo, the Sellers and each Founder Holder may be referred to herein as a &ldquo;<U>Party</U>&rdquo;
and collectively as the &ldquo;<U>Parties</U>.&rdquo; Capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the BCA (as defined below).</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 256.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, PubCo has entered
into that certain Business Combination Agreement, dated as of May 17, 2022, by and among PubCo, RW National Holdings, LLC, a Delaware
limited liability company (the &ldquo;<U>Company</U>&rdquo;), and Lake Street Landlords, LLC, a Delaware limited liability company (&ldquo;<U>Lake
Street</U>&rdquo;), in its capacity as the representative of the Rolling Company Unitholders (as may be amended, restated, amended and
restated, modified or supplemented from time to time in accordance with the terms of such agreement, the &ldquo;<U>BCA</U>&rdquo;), in
connection with the business combination (the &ldquo;<U>Business Combination</U>&rdquo;) set forth in the BCA;</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">WHEREAS, pursuant to the BCA,
immediately prior to the Closing, PubCo formed Appreciate Intermediate Holdings, LLC, a Delaware limited liability company (&ldquo;<U>NewCo
LLC</U>&rdquo;);</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">WHEREAS, pursuant to the BCA,
at the Closing, (i) all of the Rolling Company Unitholders have contributed all of their Company Units to NewCo LLC in exchange for NewCo
LLC Class B Units equal, in the aggregate, to the Company Contribution, (ii) the NewCo LLC Agreement has been amended and restated to
be in substantially the form of the Amended and Restated Limited Liability Company Agreement of NewCo LLC (the &ldquo;<U>Amended and Restated
NewCo LLC Agreement</U>&rdquo;), (iii) PubCo has contributed the Closing Date Contribution Amount to NewCo LLC in exchange for NewCo LLC
Class A Units equal to the Net Outstanding PTIC II Class A Shares, and (iv) NewCo LLC Unitholders (other than PubCo) have received from
PubCo a number of Class B Common Stock equal, in the aggregate, to the Transaction Equity Security Amount, in the amounts set forth pursuant
to the BCA;</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">WHEREAS, each of the Sellers
has the right to exchange its respective NewCo LLC Class B Units (as defined below), and cancel an equal number of its respective shares
of Class B Common Stock (as defined below) for shares of Class A Common Stock (as defined below) in the manner set forth in, and pursuant
to the terms and conditions of, the Amended and Restated NewCo LLC Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Ti