Exhibit 10.8


 


SECURITIES TRANFER AGREEMENT


 


This Securities Transfer Agreement is dated as
of [ ], 2021 (this “Agreement”), by and among Jade Value Holdings Limited, a British Virgin Islands company (the “Seller”),
and the parties identified on the signature page hereto (each a “Buyer” and collectively, the “Buyers”).


 


WHEREAS, the Seller is a sponsor of Apollo Acquisition
Corporation, a Cayman Islands company (the “Company”), a newly-organized blank check company, or special purpose acquisition
company, formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or similar business combination with one or more businesses or entities (a “Business Combination”);


 


WHEREAS, the Company is contemplating its initial
public offering of 4,000,000 units, each consisting one share of Class A ordinary shares, $0.0001 par value, one-half and one warrant,
and one right (the “IPO”);


 


WHEREAS, the Company has granted the underwriters
in the IPO an option (the “Over-allotment Option”) to purchase up to additional 600,000 units within 45 days of the
closing of the IPO;


 


WHEREAS, in connection with the IPO, the Seller
acquired 1,150,000 shares of Class B ordinary shares of the Company, $0.0001 par value (“Class B Shares”), among
which, up to 150,000 shares are subject to forfeiture if the Over-allotment Option is not exercised (each, a “Founder Share”,
collectively, the “Founder Shares”) at the aggregate purchase price of $25,000, or approximately $0.0217 per share
(the “Purchase Price”);


 


WHEREAS, each of the Buyers is an officer or director/director
nominee or a personnel (and/or its designee) of the Company;


 


WHEREAS, on the terms and subject to the conditions
set forth in this Agreement, the Seller wishes to transfer to the Buyers and the Buyers wish to acquire from the Seller, the aggregated
amount of 60,000 Founder Shares at the Purchase Price immediately prior to or upon the effectiveness of the registration statement in
Form S-1 (File No. 333-[ ], the “Registration Statement”) in connection with the IPO; and


 


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 hereto, intending to be legally bound, hereby agree as follows:


 


Section 1. Transfer
of Shares. Seller hereby agrees to transfer the aggregated amount of 600,000 Founder Shares to the Buyers immediately prior to or
upon the effectiveness of Registration Statement (the “Transfer”) , 200,000 Founder Shares to each Buyer; and the Buyers
agree to pay the Seller an aggregate amount of $1,304.348 at the Transfer in consideration of the transfer of the Shares.


 


Section 2. Potential
Forfeiture of Shares.


 


(a) In the event that the Company determines
for any reason not to nominate, elect or appoint any Buyer as a member of the board of directors of the Company, or if any Buyer otherwise
does not become a member of the board of directors of the Company for any reason, on or prior to the closing of the Public Offering (as
defined below), or if the Public Offering is not consummated on or prior to December 31, 2021, such Buyer shall automatically forfeit
all of the Shares held by such Buyer, which Shares shall automatically be assigned and returned to the Seller, and the Seller shall promptly
return the applicable portion of the Purchase Price to such Buyer.


 


(b) In
the event that, following the closing of the Public Offering and prior to the consummation of a Business Combination, any Buyer resigns
or otherwise ceases to serve as a member of the board of the directors for any reason, Seller (or its designee(s)) shall have the right,
but not the obligation, to purchase from the Buyer fifty percent (50%) of the Shares purchased by such Buyer hereunder, for a purchase
price equal to the per-share purchase price paid by such Buyer for such Shares hereunder. Such right shall be exercisable by Seller at
any time prior to the consummation of a Business Combination by providing written notice of such exercise to the applicable Buyer.


  






    


     


    

 


(c) The
applicable Buyer shall take all actions as may be reasonably necessary to consummate any forfeiture or sale contemplated by this Section 2,
including entering into agreements and delivering certificates and instruments and consents as may be deemed by Seller to be necessary
or appropriate, and the applicable Buyer hereby grants to Seller and any representative designated by Seller without further action by
such Buyer a limited irrevocable power of attorney to effect any forfeiture or transfer contemplated hereby on behalf of such Buyer, which
power of attorney shall be deemed to be coupled with an interest.


 


Section 3. No
Conflicts. Each party represents and warrants that neither the execution and delivery of this Agreement by such party, nor the consummation
or performance by such party of any of the transactions contemplated hereby, will with or without notice or lapse of time, constitute,
create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation
required under any agreement to which it is a party.


 


Section 4.  Investment
Representations. Each Buyer represents and warrants, with respect to himself or herself only, as set forth herein. Such Buyer hereby
acknowledges that an investment in the Shares involves certain significant risks. Such Buyer has no need for liquidity in its investment
in the Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Such Buyer acknowledges
and hereby agrees that the Shares will not be transferable under any circumstances unless registered by the Company in accordance with
federal and state securities laws or sold in compliance with an exemption under such laws and such transfer complies with all applicable
lock-up restrictions on such Buyer (as described in the Company’s draft registration statement on Form S-1, as may be amended
(the “Registration Statement”), under the Securities Act of 1933, as amended (the “Act”), relating
to a contemplated underwritten public offering by the Company (the “Public Offering”)). Such Buyer further understands
and agrees that Buyer will be required to execute and deliver (a) a letter agreement including, among other provisions, the foregoing
transfer restrictions, and (b) a stock escrow agreement with respect to such shares, in each case as described in the Registration
Statement, and that any certificates evidencing the Shares bear a legend referring to such transfer restrictions.


 


The Shares are being acquired solely for such Buyer’s
own account, for investment purposes only, and are not being purchased with a view to or for the resale, distribution, subdivision or
fractionalization thereof; and such Buyer has no present plans to enter into any contract, undertaking, agreement or arrangement for such
resale, distribution, subdivision or fractionalization. Such Buyer has been given the opportunity to (i) ask questions of and receive
answers from the Seller and the Company concerning the terms and conditions of the Shares, and the business and financial condition of
the Company and (ii) obtain any additional information that the Seller possesses or can acquire without unreasonable effort or expense
that is necessary to assist such Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company.
Such Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects.
Such Buyer is an “accredited investor” as defined in Regulation D promulgated by the Securities and Exchange Commission under
the Act. In the event such Buyer does not join the Board of Directors of the Company upon the consummation of the Public Offering (whether
and either at the election of the Company or such Buyer for any reason), then the Buyer shall promptly return the Shares to the Company.


 


Section 5.  Miscellaneous.
This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other party.


 






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IN WITNESS WHEREOF, the undersigned have executed
this Agreement to be effective as of the date first set forth above.


 


	 	Jade Value Holdings Limited
	 	 	 
	 	By:	 
	 	Name: 
	 	Title:   
	 	 	 
	 	BUYERS:
	 	 	 
	 	 
	 	Hongfei Tian
	 	 	 
	 	 
	 	Jian (James) Liu
	 	 
	 	 
	 	Xiaolin Zhong



 


[Signature Page to Securities Transfer
Agreement]


 


 


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