# EDGAR Filing Document

**Accession Number:** 0001844817
**File Stem:** 0001193125-23-012693
**Filing Date:** 2023-1
**Character Count:** 57080
**Document Hash:** d5af7496389b7d31275d133944606b45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-012693.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001193125-23-012693

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Armada Acquisition Corp. I
- **CENTRAL INDEX KEY:** 0001844817
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 853810850
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40742
- **FILM NUMBER:** 23542621

**BUSINESS ADDRESS:**
- **STREET 1:** 1760 MARKET STREET
- **STREET 2:** SUITE 602
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** (215) 543-6886

**MAIL ADDRESS:**
- **STREET 1:** 1760 MARKET STREET
- **STREET 2:** SUITE 602
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**SCHEDULE 14A** 

**Proxy Statement Pursuant to Section 14(a) of the** 

**Securities Exchange Act of 1934** 

**(Amendment No.)** 

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Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ **Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** 

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material Pursuant to § 240.14a-12

**ARMADA ACQUISITION CORP. I** 

**(Name of Registrant as Specified In Its Charter)** 

**(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)** 

Payment of Filing Fee (Check the appropriate box):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 8-K** 

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (date of earliest event reported): January 20, 2023** 

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## Armada Acquisition Corp. I
**(Exact name of Registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40742** | **85-3810850** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

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**1760 Market Street, Suite 602** 

**Philadelphia, PA 19103** 

**(Address of principal executive offices)** 

**(215) 543-6886** 

**(Registrant's telephone number, including area code)** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbols** | **Name of each exchange**<br> **on which registered** |
| Units, each consisting of one share of common stock, $0.0001 par value, and one-half of one redeemable warrant | AACI U | The Nasdaq Stock Market LLC |
| Common stock, par value $0.0001 per share | AACI | The Nasdaq Stock Market LLC |
| Warrants, each exercisable for one share of common stock for $11.50 per share | AACI W | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

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On January 20, 2023, Armada Acquisition Corp. I (the "Company"), and Armada Sponsor LLC (the "Sponsor"), the Company's sponsor, entered into one or more agreements (the "Non-Redemption Agreements") with one or more third parties in exchange for them agreeing not to redeem shares of the Company's common stock sold in its initial public offering (the "public shares") at the 2023 annual meeting of stockholders called by the Company (the "Meeting") at which a proposal to approve an extension of time for the Company to consummate an initial business combination (the "Extension Proposal") from February 17, 2023 to August 17, 2023 (the "Extension") has also been submitted to the stockholders. The Non-Redemption Agreements provide for the allocation of up to 75,000 shares of common stock of the Company ("Founder Shares") held by the Sponsor in exchange for such investor and/or investors agreeing to hold and not redeem certain public shares at the Meeting. Certain of the parties to the Non-Redemption Agreements are also members of the Sponsor.

The Non-Redemption Agreements shall terminate on the earlier of (a) the failure of the Company's stockholders to approve the Extension at the Meeting, or the determination of the Company not to proceed to effect the Extension, (b) the fulfillment of all obligations of parties to the Non-Redemption Agreements, (c) the liquidation or dissolution of the Company, or (d) the mutual written agreement of the parties.

Additionally, pursuant to the Non-Redemption Agreements, the Company has agreed that until the earlier of (a) the consummation of the Company's initial business combination; (b) the liquidation of the trust account; and (c) 24 months from consummation of the Company's initial public offering, the Company will maintain the investment of funds held in the trust account in interest-bearing United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations. The Company has also agreed that it will not use any amounts in the trust account, or the interest earned thereon, to pay any excise tax that may be imposed on the Company pursuant to the Inflation Reduction Act (IRA) of 2022 (H.R. 5376) due to any redemptions of public shares at the Meeting, including in connection with a liquidation of the Company if it does not effect a business combination prior to its termination date by the Company. The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Proposal is approved by stockholders but will increase the amount of funds that remain in the Company's trust account following the Meeting.

The foregoing summary of the Non-Redemption Agreements does not purport to be complete and is qualified in its entirety by reference to the form of Non-Redemption Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.

**Participants in the Solicitation** 

The Company and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company's shareholders in respect of the Meeting and the Extension and related matters. Information regarding the Company's directors and executive officers is available in Company's proxy statement for the 2023 annual meeting filed with the U.S. Securities and Exchange Commission on January 5, 2023. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the Proxy Statement (defined below).

**No Offer or Solicitation** 

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

**Additional Information** 

The Company has filed with the Securities and Exchange Commission (the "SEC") a definitive proxy statement (the "Proxy Statement") in connection with the Meeting to consider and vote upon the Extension Proposal and other matters and, beginning on or about January 6, 2023, mailed the Proxy Statement and other relevant documents to its stockholders as of the December 15, 2022 record date for the Annual Meeting. The Company's stockholders and other interested persons are advised to read the Proxy Statement and any other relevant documents that have been or will be filed with the SEC in

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connection with the Company's solicitation of proxies for the Annual Meeting because these documents contain important information about the Company, the Extension Proposal and related matters. Stockholders may also obtain a free copy of the Proxy Statement, as well as other relevant documents that have been or will be filed with the SEC, without charge, at the SEC's website located at www.sec.gov or by directing a request to: Armada Acquisition Corp. I, 1760 Market Street, Suite 602, Philadelphia, PA 19103, (215) 543-6886 or to: Okapi Partners, Attention: Chuck Garske /Jon Einsidler/ Christian Jacques, (212) 297-0720, or Info@okapipartners.com.

**Forward-Looking Statements** 

This Current Report on Form 8-K (this "Form 8-K") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the Company's investment of the trust account funds and agreement not to use the funds in the trust account for payment of any excise tax that may be imposed on the Company pursuant to the Inflation Reduction Act (IRA) of 2022 (H.R. 5376) due to any redemptions of public shares at the Meeting, as well as all other statements other than statements of historical fact included in this Form 8-K are forward-looking statements. When used in this Form 8-K, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits:

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 10.1 | Form of Non-Redemption Agreement and Assignment of Economic Interest |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: January 23, 2023 |  |  |
|  | By: | /s/ Stephen P. Herbert |
|  | Name: | Stephen P. Herbert |
|  | Title: | Chief Executive Officer and Chairman |

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**Exhibit 10.1** 

**NON-REDEMPTION AGREEMENT AND ASSIGNMENT OF ECONOMIC INTEREST** 

This Non-Redemption Agreement and Assignment of Economic Interest (this "<u>Agreement</u>") is entered as of January , 2023 by and among Armada Acquisition Corp. I ("<u>AACI</u>"), Armada Sponsor, LLC (the "<u>Sponsor</u>") and the undersigned investor ("<u>Investor</u>").

**RECITALS** 

**WHEREAS**, the Sponsor currently holds shares of our Common Shares initially purchased in a private placement prior to our initial public offering (the "<u>Founder Shares</u>"), of AACI;

**WHEREAS**, AACI expects to hold an annual meeting of stockholders (the "<u>Meeting</u>") for the purpose of approving, among other things, an amendment to AACI's Amended and Restated Certificate of Incorporation (the "<u>Charter</u>") to extend the date by which AACI must consummate an initial business combination (the "<u>Initial Business Combination</u>") for up to six additional months until as late as August 17, 2023 (the "<u>Extension</u>");

**WHEREAS**, the Charter provides that a stockholder of AACI may redeem its shares of common stock, par value $0.0001 per share, initially sold as part of the units in AACI's initial public offering (whether they were purchased in our initial public offering or thereafter in the open market) (the "<u>Public Shares</u>" and together with the Founder Shares, the "<u>Common Shares</u>") in connection with the Charter amendment, on the terms set forth in the Charter ("<u>Redemption Rights</u>");

**WHEREAS**, subject to the terms and conditions of this Agreement, the Sponsor desires to transfer to Investor, and Investor desires to acquire from the Sponsor, that number of Founder Shares set forth opposite such Investor's name on <u>Exhibit A</u> (the "<u>Assigned Securities</u>"), to be transferred to Investor in connection with AACI's completion of its Initial Business Combination, and, prior to the transfer of the Assigned Securities to Investor, the Sponsor desires to assign the economic benefits of the Assigned Securities to Investor.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Investor and the Sponsor hereby agree as follows:

1. <u>Terms of Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Upon the terms and subject to the conditions of this Agreement, the Sponsor agrees that if (a) as of 5:00
PM, New York time, on the date of the Meeting, Investor holds the Investor Shares (as defined below), (b) Investor does not exercise its Redemption Rights with respect to such Investor Shares in connection with the Meeting, and (c) the
Extension is approved at the Meeting and is effected by AACI's filing with the Secretary of State of the State of Delaware of a Certificate of Amendment to the Charter, then the Sponsor hereby agrees to assign to Investor

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for no additional consideration the Assigned Securities set forth on <u>Exhibit A</u>, and the Sponsor agrees to assign to Investor the Economic Interest (as defined below) associated with the Assigned Securities that the Sponsor has agreed to assign to Investor. "Investor Shares" shall mean the lesser of (i) 350,000 Public Shares, and (ii) 9.9% of the Public Shares that are not to be redeemed, including those Public Shares subject to non-redemption agreements with other AACI stockholders similar to this Agreement as of January 30, 2023. The Sponsor and AACI agree to provide Investor with the final number of Investor Shares subject to this Agreement no later than 9:00 a.m. Eastern on January 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Sponsor and Investor hereby agree that the assignment of the Assigned Securities shall be subject to the
conditions that (i) the Initial Business Combination is consummated; and (ii) Investor (or its Permitted Transferees (as such term is defined in the Amended and Restated Limited Liability Company Agreement of the Sponsor (as it exists on
the date hereof, the " <u>Sponsor LLC Agreement</u> ") executes a joinder to that certain Letter Agreement, dated August 12, 2021 (as it exists on the date hereof, the " <u>Letter Agreement</u> "), by and among the Company, the
Sponsor, officers and directors of the Company, and the other stockholders of the Company signatory thereto, as described in Section 1.8 hereof.

Upon the satisfaction of the foregoing conditions, as applicable, the Sponsor shall promptly transfer the Assigned Securities to Investor (or its Permitted Transferees). The Sponsor covenants and agrees to facilitate such transfer to Investor (or its Permitted Transferees) in accordance with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Adjustment to Share Amounts</u>. If at any time the number of outstanding Founder Shares is increased or
decreased by a consolidation, combination, split or reclassification of the Common Shares of AACI or other similar event, then, as of the effective date of such consolidation, combination, split, reclassification or similar event, all share numbers
referenced in this Agreement shall be adjusted in proportion to such increase or decrease in outstanding common stock of AACI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Merger or Reorganization, etc</u>. If there shall occur any reorganization, recapitalization,
reclassification, consolidation or merger involving AACI in which its Common Shares are converted into or exchanged for securities, cash or other property, then, following any such reorganization, recapitalization, reclassification, consolidation or
merger, in lieu of common shares of AACI, the Sponsor shall transfer, with respect to each Founder Share to be transferred hereunder, upon the Sponsor's receipt thereof, the kind and amount of securities, cash or other property into which such
Assigned Securities converted or exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Forfeitures, Transfers, etc.</u> Investor shall not be required to forfeit or transfer the Assigned
Securities. Investor acknowledges that, pursuant to the Sponsor LLC Agreement, prior to, or at the time of, the Initial Business Combination, the Managers of the Sponsor have the authority to cause the Sponsor to subject the Founder Shares to
earn-outs, forfeitures, transfers or other restrictions, or amend the terms under which the Founder Shares were issued or any restrictions or other provisions relating to the Founder Shares set forth in the instruments establishing the same
(including voting in favor of any such amendment) or enter into any other arrangements with respect to the Founder Shares, and that the Managers are authorized to effectuate such earn-outs, forfeitures, transfers, restrictions, amendments or
arrangements, including arrangements relating to the relaxation or early release of restrictions, in such amounts and pursuant to such terms as they determine in their sole and absolute discretion for any reason. Sponsor acknowledges and agrees that
any such earn-outs, forfeitures, transfers, restrictions, amendments or arrangements shall apply only to the Founder Shares other than the Assigned Securities and the terms and conditions applicable to the Assigned Securities shall not be changed as
a result of any such earn-outs, forfeitures, transfers, restrictions, amendments or arrangements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Delivery of Shares; Other Documents.</u> At the time of the transfer of Assigned Securities hereunder, the
Sponsor shall deliver the Assigned Securities to Investor by transfer of book-entry shares effected through AACI's transfer agent. The parties to this Agreement agree to execute, acknowledge and deliver such further instruments and to do all
such other acts, as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Assignment of Registration Rights</u>. Concurrent with the transfer of Assigned Securities to Investor under
this Agreement, the Sponsor hereby assigns all of its rights, duties and obligations to Investor with respect to the Assigned Securities under that certain Registration Rights Agreement, dated August 12, 2021 (as it exists on the date of the
Agreement, the " <u>Registration Rights Agreement</u> "), by and among the Company, the Sponsor, and the other stockholders of the Company signatory thereto, and hereby represents and confirms to Investor that, upon Investor's receipt
of the Assigned Securities, (i) Investor shall be an "Investor" under the Registration Rights Agreement and (ii) the Assigned Securities shall be "Registrable Securities" under the Registration Rights Agreement. The
Sponsor shall provide written notice to AACI of such assignment in accordance with the Registration Rights Agreement. Investor shall provide to AACI a written agreement in accordance with the Registration Rights Agreement agreeing to be bound by the
terms and provisions of the Registration Rights Agreement as an "Investor" thereunder with respect to the Assigned Securities (upon acquisition thereof) as "Registrable Securities" thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Joinder to Letter Agreement</u>. In connection with the transfer of the Assigned Securities to Investor,
Investor shall execute a joinder to the Letter Agreement in substantially the form attached here to as <u>Exhibit B</u> (the " <u>Joinder</u> ") pursuant to which Investor shall agree with AACI to be bound solely by Section 5(b) of the
Letter Agreement solely with respect to the Assigned Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. <u>Termination</u>. This Agreement and each of the obligations of the undersigned shall terminate on earlier of
(a) the failure of AACI's stockholders to approve the Extension at the Meeting, or the determination of AACI not to proceed to effect the Extension, (b) the fulfillment of all obligations of parties hereto, (c) the liquidation or
dissolution of AACI, or (d) the mutual written agreement of the parties hereto

2. <u>Assignment of Economic Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Upon satisfaction of the conditions set forth in Section 1.1, the Sponsor hereby assigns to Investor all
of its economic right, title and interest in and to that number of Assigned Securities set forth on <u>Exhibit A</u> (the " <u>Economic Interest</u> "), subject to adjustment as set forth in Section 2.2. The Economic Interest represents
the Sponsor's right to receive dividends and other distributions made by the Sponsor pursuant to the Sponsor LLC Agreement allocated to that number of Assigned Securities set forth on <u>Exhibit A</u> represented by the Founder Shares held
directly by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. If at any time the number of outstanding shares of common stock of AACI is increased or decreased by a
consolidation, combination, split or reclassification or other similar event, then, as of the effective date of such consolidation, combination, split, reclassification or similar event, the number of shares underlying the Economic Interest shall be
adjusted in proportion to such increase or decrease in outstanding shares of common stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Investor acknowledges and agrees that it has no right to vote on matters of the Sponsor as a result of the
Assigned Securities or Economic Interest, or to vote with respect to any Assigned Securities, and it has no right to vote Assigned Securities prior to transfer of any such shares to Investor pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. Investor acknowledges and agrees that if it has a right pursuant to its Economic Interest to receive any
dividends or other distributions paid in shares of common stock or other non-cash property that is subject to the transfer restrictions and/or the lockup period set forth in Section 7 of the Letter
Agreement, the Sponsor shall transfer all of its right, title and interest in such dividends or distributions concurrently with the transfer of the Assigned Securities to such Investor pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. If the conditions to the transfer of the Founder Shares in Section 1 are not satisfied with respect to any
Founder Shares, then Investor shall automatically assign its Economic Interests in such Founder Shares back to the Sponsor, for no consideration.

3. <u>Representations</u> *<u> </u>* <u>and Warranties of Investor</u>. Investor represents and warrants to,
and agrees with, the Sponsor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>No Government Recommendation or Approval</u>. Investor understands that no federal or state agency has
passed upon or made any recommendation or endorsement of the offering of the Assigned Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Accredited Investor</u>. Investor is an "accredited investor" as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), and acknowledges that the sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to
"accredited investors" under the Securities Act and similar exemptions under state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Intent</u>. Investor is acquiring the Assigned Securities solely for investment purposes, for such
Investor's own account (and/or for the account or benefit of its members or affiliates, as permitted), and not with a view to the distribution thereof in violation of the Securities Act and Investor has no present arrangement to sell Assigned
Securities to or through any person or entity except as may be permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Restrictions on Transfer; Trust Account; Redemption Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1. Investor acknowledges and agrees that, prior to their transfer hereunder, the Assigned Securities are, and
following any transfer to Investor may continue to be, subject to the Transfer Restrictions and certain other restrictions as set forth in the Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2. Investor acknowledges and agrees that the Assigned Securities are not entitled to, and have no right, interest
or claim of any kind in or to, any monies held in the trust account into which the proceeds of AACI's initial public offering were deposited (the " <u>Trust Account</u> ") or distributed as a result of any liquidation of the Trust
Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3. Investor waives any right that it may have to elect to have AACI redeem any Investor Shares and agrees not to
redeem or otherwise exercise any right to redeem, the Investor Shares and to reverse and revoke any prior redemption elections made with respect to the Investor Shares in connection with the Extension. For the avoidance of doubt, nothing in this
Agreement is intended to restrict or prohibit Investor's ability to redeem any Public Shares other than the Investor Shares, or to trade or redeem any Public Shares (other than the Investor Shares) in its discretion and at any time or any
Investor Shares in its discretion and at any time after February 10, 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4. Investor acknowledges and understands the Assigned Securities are being offered in a transaction not involving
a public offering in the United States within the meaning of the Securities Act and have not been registered under the Securities Act and, if in the future Investor decides to offer, resell, pledge or otherwise transfer Assigned Securities, such
Assigned Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated
under the Securities Act, if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other
jurisdiction. Investor agrees that, if any transfer of the Assigned Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Investor may be required to deliver to AACI an opinion of counsel
satisfactory to AACI that registration is not required with respect to the Assigned Securities to be transferred. Absent registration or another available exemption from registration, Investor agrees it will not transfer the Assigned Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Voting</u>. Investor agrees that it will and will cause its controlled affiliates to vote (or cause to be
voted) or execute and deliver a written consent (or cause a written consent to be executed and delivered) all of AACI Common Shares owned, as of the applicable record date, by any of them at the Meeting in favor of the Extension and cause all such
shares to be counted as present at the Meeting for purposes of establishing a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Sophisticated Investor</u>. Investor is sophisticated in financial matters and able to evaluate the risks
and benefits of the investment in the Assigned Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Risk of Loss</u>. Investor is aware that an investment in the Assigned Securities is highly speculative and
subject to substantial risks. Investor is cognizant of and understands the risks related to the acquisition of the Assigned Securities, including those restrictions described or provided for in this Agreement, the Sponsor LLC Agreement and the
Letter Agreement pertaining to transferability. Investor is able to bear the economic risk of its investment in the Assigned Securities for an indefinite period of time and able to sustain a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Independent Investigation</u>. Investor has relied upon an independent investigation of AACI and has not
relied upon any information or representations made by any third parties or upon any oral or written representations or assurances, express or implied, from the Sponsor or any representatives or agents of the Sponsor, other than as set forth in this
Agreement. Investor is familiar with the business, operations and financial condition of AACI and has had an opportunity to ask questions of, and receive answers from AACI's management concerning AACI and the terms and conditions of the
proposed sale of the Assigned Securities and has had full access to such other information concerning AACI as Investor has requested. Investor confirms that all documents that it has requested have been made available and that Investor has been
supplied with all of the additional information concerning this investment which Investor has requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Organization and Authority</u>. If any entity, Investor is duly organized and existing under the laws of the
jurisdiction in which it was organized and it possesses all requisite power and authority to acquire the Assigned Securities, enter into this Agreement and perform all the obligations required to be performed by Investor hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Non-U.S. Investor</u>. If Investor is not a United States person (as
defined by Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the " <u>Code</u> ")), Investor hereby represents that it has satisfied itself as to the
full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Assigned Securities or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the acquisition of the
Assigned Securities, (ii) any foreign exchange restrictions applicable to such acquisition, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be
relevant to the acquisition, holding, redemption, sale, or transfer of the Assigned Securities. Investor's subscription and payment for and continued beneficial ownership of the Assigned Securities will not violate any applicable securities or
other laws of Investor's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>Authority</u>. This Agreement has been validly authorized, executed and delivered by Investor and is a valid
and binding agreement enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally
the enforcement of, creditors' rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of public
policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <u>No Conflicts</u>. The execution, delivery and performance of this Agreement and the consummation by Investor
of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) Investor's organizational documents, (ii) any agreement or instrument to which Investor is a party or (iii) any law, statute,
rule or regulation to which Investor is subject, or any order, judgment or decree to which Investor is subject, in the case of clauses (ii) and (iii), that would reasonably be expected to prevent Investor from fulfilling its obligations under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <u>No Advice from Sponsor</u>. Investor has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement, the Sponsor LLC Agreement and the form of Letter Agreement with Investor's own legal counsel and investment and tax advisors. Except for any statements or representations of the Sponsor explicitly made in this
Agreement, Investor is relying solely on such counsel and advisors and not on any statements or representations, express or implied, of the Sponsor or any of its representatives or agents for any reason whatsoever, including without limitation for
legal, tax or investment advice, with respect to this investment, the Sponsor, AACI, the Assigned Securities, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <u>Reliance on Representations and Warranties</u>. Investor understands that the Assigned Securities are being
offered and sold to Investor in reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Sponsor is relying upon the truth and accuracy
of the representations, warranties, agreements, acknowledgments and understandings of Investor set forth in this Agreement in order to determine the applicability of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15. <u>No General Solicitation</u>. Investor is not subscribing for Assigned Securities as a result of or
subsequent to any general solicitation or general advertising, including but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio or any
seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16. <u>Brokers</u>. No broker, finder or intermediary has been paid or is entitled to a fee or commission from or
by Investor in connection with the acquisition of the Assigned Securities nor is Investor entitled to or will accept any such fee or commission.

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4. <u>Representations</u> *<u> </u>* <u>and Warranties of Sponsor.</u> The Sponsor represents and warrants to,
and agrees with, the Investor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Power and Authority</u>. The Sponsor is a limited liability company duly formed and validly existing and in
good standing as a limited liability company under the laws of the State of Delaware and possesses all requisite limited liability company power and authority to enter into this Agreement and to perform all of the obligations required to be
performed by the Sponsor hereunder, including the assignment, sale and transfer the Assigned Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Authority</u>. All corporate action on the part of the Sponsor and its officers, directors and members
necessary for the authorization, execution and delivery of this Agreement and the performance of all obligations of the Sponsor required pursuant hereto has been taken. This Agreement has been duly executed and delivered by the Sponsor and (assuming
due authorization, execution and delivery by Investor) constitutes the Sponsor's legal, valid and binding obligation, enforceable against the Sponsor in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by equitable principles of general application and except as
enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of public policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Title to Securities</u>. The Sponsor is the record and beneficial owner of, and has good and marketable
title to, the Assigned Securities and will, immediately prior to the transfer of the Assigned Securities to Investor, be the record and beneficial owner of the Assigned Securities, in each case, free and clear of all liens, pledges, security
interests, charges, claims, encumbrances, agreements, options, voting trusts, proxies and other arrangements or restrictions of any kind (other than transfer restrictions and other terms and conditions that apply to the Founder Shares generally and
applicable securities laws). The Assigned Securities to be transferred, when transferred to Investor as provided herein, will be free and clear of all liens, pledges, security interests, charges, claims, encumbrances, agreements, options, voting
trusts, proxies and other arrangements or restrictions of any kind (other than transfer restrictions and other terms and conditions that apply to the Founder Shares generally, under the Letter Agreement and applicable securities laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>No Conflicts</u>. The execution, delivery and performance of this Agreement and the consummation by the
Sponsor of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the certificate of formation or the Sponsor LLC Agreement, (ii) any agreement or instrument to which the Sponsor is a party or
by which it is bound (including the Letter Agreement and the Sponsor LLC Agreement) or (iii) any law, statute, rule or regulation to which the Sponsor is subject or any order, judgment or decree to which the Sponsor is subject. The Sponsor is
not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform any
of its obligations under this Agreement or transfer the Assigned Securities in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>No General Solicitation</u>. The Sponsor has not offered the Assigned Securities by means of any general
solicitation or general advertising within the meaning of Regulation D of the Securities Act, including but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast
over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>Brokers</u>. No broker, finder or intermediary has been paid or is entitled to a fee or commission from or
by the Sponsor in connection with the sale of the Assigned Securities nor is the Sponsor entitled to or will accept any such fee or commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Transfer Restrictions</u>. Until termination of this Agreement, the Sponsor shall not transfer any of its
Founder Shares representing the economic benefit of the Assigned Securities other than any transfer pursuant to the Sponsor LLC Agreement in connection with an Initial Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Reliance on Representations and Warranties</u>. The Sponsor understands and acknowledges that Investor is
relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Sponsor set forth in this Agreement.

5. <u>Trust Account</u>. Until the earlier of (a) the consummation of AACI's initial business
combination; (b) the liquidation of the Trust Account; and (c) 24 months from consummation of AACI's initial public offering, AACI will maintain the investment of funds held in the Trust Account in interest-bearing United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations. AACI further confirms that it will not utilize any funds from its Trust
Account to pay any potential excise taxes that may become due pursuant to the Inflation Reduction Act of 2022 upon a redemption of the Public Shares, including in connection with a liquidation of AACI if it does not effect a business combination
prior to its termination date.

6. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. 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 its principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of the laws of another jurisdiction.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. With respect to any suit, action or proceeding relating to the transactions contemplated
hereby, the undersigned irrevocably submit to the jurisdiction of the United States District Court or, if such court does not have jurisdiction, the New York state courts located in the Borough of Manhattan, State of New York, which submission shall
be exclusive.

7. <u>Assignment; Entire Agreement; Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Assignment</u>. Any assignment of this Agreement or any right, remedy, obligation or liability arising
hereunder by either the Sponsor or Investor to any person that is not an affiliate of such party shall require the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Entire Agreement</u>. This Agreement sets forth the entire agreement and understanding between the parties
as to the subject matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Amendment</u>. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof
may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Binding upon Successors</u>. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and to their respective heirs, legal representatives, successors and permitted assigns.

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8. <u>Notices</u>. Unless otherwise provided herein, any notice or other communication to a party hereunder shall
be sufficiently given if in writing and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for all purposes of this Agreement shall include Federal
Express or another recognized overnight courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as either may designate for itself in such notice to the other.
Communications shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt of
confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address
at which the party has provided to receive notice; and (b) if by any other form of electronic transmission, when directed to such party.

9. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.
Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

10. <u>Survival; Severability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Survival</u>. The representations, warranties, covenants and agreements of the parties hereto shall survive
the closing of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Severability</u>. In the event that any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this
Agreement to any party.

11. <u>Headings</u> *.* The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement.

12. <u>No Publicity; Disclosure</u>. The Sponsor agrees that it will not, without the prior written consent of
Investor, publicly disclose the name of Investor or any of its affiliates or investment advisors, other than as required by applicable law, rule or regulation, in which case Sponsor shall provide Investor with prior written notice of such
disclosure. The Company shall, by 9:00 a.m., New York City time, on the first business day immediately following the date of this Agreement, issue one or more press releases or file with the United States Securities and Exchange Commission a Current
Report on Form 8-K (collectively, the " <u>Disclosure Document</u> ") disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated hereby and any
other material, nonpublic information that the Company has provided to Investor at any time prior to the filing of the Disclosure Document. The Disclosure Document shall also provide that until the earlier of (a) the consummation of AACI's
initial business combination; (b) the liquidation of the Trust Account; and (c) 24 months from consummation of AACI's initial public offering, AACI will maintain the investment of funds held in the Trust Account in interest-bearing United
States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3)
and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations. Such Disclosure Document shall further provide that
AACI will not utilize any funds from its Trust Account to pay any potential excise taxes that may become due pursuant to the Inflation Reduction Act of 2022 upon

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a redemption of the Public Shares, including in connection with a liquidation of AACI if it does not effect a business combination prior to its termination date. Upon the issuance of the Disclosure Document, to the Company's knowledge, Investor shall not be in possession of any material, nonpublic information received from the Company or any of its officers, directors or employees.

13. <u>Independent Nature of Rights and Obligations</u>. Nothing contained herein, and no action taken by any party
pursuant hereto, shall be deemed to constitute Investor and the Sponsor as, and the Sponsor acknowledges that Investor and the Sponsor do not so constitute, a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that Investor and the Sponsor are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any matters, and the Sponsor acknowledges that Investor and the Sponsor
are not acting in concert or as a group, and the Sponsor shall not assert any such claim, with respect to such obligations or the transactions contemplated by this Agreement.

14. <u>Most Favored Nation</u>. In the event the Sponsor enters one or more other non-redemption agreements before or after the execution of this Agreement in connection with the Meeting, the Sponsor represents that the terms of such other agreements are not materially more favorable to
such other investors thereunder than the terms of this Agreement are in respect of the Investor. In the event that another investor is afforded any such more favorable terms than the Investor, the Sponsor shall promptly inform the Investor of such
more favorable terms in writing, and the Investors shall have the right to elect to have such more favorable terms included herein, in which case the parties hereto shall promptly amend this Agreement to effect the same.

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

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| |
|:---|
| **INVESTOR** |
| By: |
| Name: |
| Title: |

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*[Signature Page to Non-Redemption Agreement]* 

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| |
|:---|
| **SPONSOR:** |
| ARMADA SPONSOR, LLC |
| By: |
| Name: Stephen Herbert |
| Title: Manager |

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*[Signature Page to Non-Redemption Agreement]* 

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| |
|:---|
| **AACI:** |
| ARMADA ACQUISITION CORP. I |
| By: |
| Name: Stephen Herbert |
| Title: Chief Executive Officer and Chairman |

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*[Signature Page to Non-Redemption Agreement]* 

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<u>Exhibit A</u> 

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| | | |
|:---|:---|:---|
| **Investor** | **Founder Shares**<br> **to be Transferred**<br> **/ Economic**<br> **Interest**<br> **Assigned<sup>1</sup>** | **Number of**<br> **Public Shares to**<br> **be Held as**<br> **Investor Shares<sup>2</sup>** |
|  Address:<br>SSN/EIN: | [ ] | [ ] |

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<sup>1</sup> Equal to 1 Founder Share for every 4.66666 Investor Shares, up to 75,000 Founder Shares.

<sup>2</sup> Equal to the lesser of (i) 350,000 Public Shares, and (ii) 9.9% of the Public Shares subject to non-redemption agreements with other AACI stockholders similar to this Agreement as of January 30, 2023. 

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EXHIBIT B

FORM OF JOINDER

TO

LETTER AGREEMENT

AND

REGISTRATION RIGHTS AGREEMENT

______, 20_

Reference is made to that certain Non-Redemption Agreement and Assignment of Economic Interest, dated as of , 2023 (the "<u>Agreement</u>"), by and between ("<u>Investor</u>") and Armada Sponsor, LLC (the "<u>Sponsor</u>"), pursuant to which Investor acquired securities of Armada Acquisition Corp. I (the "<u>Company</u>") from the Sponsor. Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Agreement.

By executing this joinder, Investor hereby agrees, as of the date first set forth above, that Investor (i) shall become a party to that certain Letter Agreement, dated August 12, 2021 (as it exists on the date of the Agreement, the "<u>Letter Agreement</u>"), by and among the Company, the Sponsor, officers and directors of the Company, and the other stockholders of the Company signatory thereto, solely with respect to Section 5(b) of the Letter Agreement, and shall be bound by, and entitled to the rights provided under, the terms and provisions of such section of the Letter Agreement as an Insider (as defined therein) solely with respect to its Assigned Securities; and (ii) shall become a party to that certain Registration Rights Agreement, dated August 12, 2021 (as it exists on the date of the Agreement, the "<u>Registration Rights Agreement</u>"), by and among the Company, the Sponsor, and the other stockholders of the Company signatory thereto, and shall be bound by the terms and provisions of the Registration Rights Agreement as an Investor (as defined therein) and entitled to the rights of an Investor under the Registration Rights Agreement and the Assigned Securities (together with any other equity security of the Company issued or issuable with respect to any such Assigned Securities by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization) shall be "Registrable Securities" thereunder.

For the purposes of clarity, it is expressly understood and agreed that each provision contained herein, in the Letter Agreement (to the extent applicable to Investor) and the Registration Rights Agreement is between the Company and Investor, solely, and not between and among Investor and the other stockholders of the Company signatory thereto.

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This joinder may be executed in two or more counterparts, and by facsimile, all of which shall be deemed an original and all of which together shall constitute one instrument.

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| |
|:---|
| **[INVESTOR]** |
| By: |
| Name: |
| Title: |

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| | |
|:---|:---|
| **<u>ACKNOWLEDGED AND AGREED:</u>** | **<u>ACKNOWLEDGED AND AGREED:</u>** |
| ARMADA ACQUISITION CORP. I | ARMADA ACQUISITION CORP. I |
| By: |  |
|  | Name: |
|  | Title: |

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