SEC Contract Filing

Filing Date: 2022-11-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>tm2230791d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><I>Execution Version</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORWARD SHARE PURCHASE AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Forward
Share Purchase Agreement (this &ldquo;<U>Agreemen</U>t&rdquo;) is entered into as of November 15, 2022, by and among (i) OceanTech Acquisitions
I Corp., a Delaware corporation (&ldquo;<U>OTEC</U>&rdquo;), (ii) Majic Wheels Corp., a Wyoming corporation (&ldquo;<U>Majic Wheels</U>&rdquo;),
(iii) Meteora Special Opportunity Fund I, LP, a Delaware limited partnership (&ldquo;<U>MSOF</U>&rdquo;), (iv) Meteora Select Trading
Opportunities Master, LP, a Cayman Islands limited partnership (&ldquo;<U>MSTO</U>&rdquo;) and (v) Meteora Capital Partners, LP, a Delaware
limited partnership (&ldquo;<U>MCP</U>&rdquo; and together with MSOF and MSTO, each individually an &ldquo;<U>Investor</U>&rdquo; and
collectively, the &ldquo;<U>Investors</U>&rdquo;). Each of OTEC, Majic Wheels, MSOF, MSTO, and MCP is individually referred to herein
as a &ldquo;<U>Party</U>&rdquo; and collectively as the &ldquo;<U>Parties</U>&rdquo;.</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-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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, OTEC
is a special purpose acquisition company, also known as a blank check company, formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses;</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; text-align: justify; text-indent: 0.5in">WHEREAS, OTEC
has entered into an Agreement and Plan of Merger, dated as of the date hereof(the &ldquo;<U>Merger Agreement</U>&rdquo;), by and among
OTEC, OceanTech Merger Sub Inc., a Delaware corporation (&ldquo;<U>Merger Sub 1</U>&rdquo;), OceanTech Merger Sub 2, LLC, a Wyoming limited
liability company (<U>&ldquo;Merger Sub 2</U>&rdquo;), each of Merger Sub 1 and Merger Sub 2, a wholly-owned subsidiary of OTEC, OceanTech
Acquisitions I Sponsors LLC, a Delaware limited liability company, Majic Wheels, and Jeffrey</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">H. Coats, solely in his capacity
as representative of the shareholders of Majic Wheels, pursuant to which Merger Sub 1 will acquire Majic Wheels by merger of Majic Wheels
with and into Merger Sub 1, and Merger Sub 1 will merge with and into Merger Sub 2, with Merger Sub 2 continuing as the servicing entity
(such mergers and the other transactions contemplated by the Merger Agreement, collectively, the &ldquo;<U>Business Combination</U>&rdquo;),
and OTEC will be re-named &ldquo;Majic Corp.&rdquo; upon the consummation of the Business Combination &ldquo;<U>Majic Corp</U>&rdquo;,
as the post-combination company shall be referred to herein as the &ldquo;<U>Company</U>&rdquo;); and</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 22.8pt 0pt 5.1pt; text-align: justify; text-indent: 36.1pt">WHEREAS, the
Parties wish to enter into this Agreement, pursuant to which the Company shall purchase from the Investors, and the Investors may sell
and transfer to the Company, in each case, subject to the conditions set forth herein, certain shares of Common Stock (as defined herein)
of OTEC, which the Investors purchase in the open market including from redeeming stockholders of OTEC and do not redeem prior to the
closing of the Business Combination (the &ldquo;<U>BC Closing</U>&rdquo;) (the &ldquo;<U>Shares</U>&rdquo;) on the terms set forth herein.</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; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good
and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the Parties agree 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Agreement</U></B></P>

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

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