Document:

Exhibit 10.5

 

 

PRIVATE PLACEMENT SHARES PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT SHARES PURCHASE
AGREEMENT, dated as of [___], 2021 (as it may from time to time be amended, this “Agreement”), is entered into by and
between Armada Acquisition Corp. I, a Delaware corporation (the “Company”), and Armada Sponsor LLC, a Delaware limited
liability company (the “Purchaser”).

 

WHEREAS:

 

The Company intends to consummate
an initial public offering (the “Public Offering”) of the Company’s units (the “Units”), each comprised
of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one-half of
one warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”);

 

The Purchaser has agreed to purchase,
at a price of $10.00 per share, an aggregate of 459,500 shares of common stock (each, a “Share”) (the “Private
Placement Shares”); and

  

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.  Authorization, Purchase and Sale; Terms of the
Private Placement Shares.

 

A. Authorization
of the Private Placement Shares.  The Company has duly authorized the issuance and sale of the Private Placement Shares to the
Purchaser.

 

B. Purchase and Sale of the Private
Placement Shares.

 

(i)  Simultaneously
with the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the
Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall
purchase from the Company, an aggregate of 459,500 Private Placement Shares at a price of $10.00 per Share for an aggregate purchase
price of $4,595,000 (the “Purchase Price”). Purchaser shall pay the Purchase Price by wire transfer of
immediately available funds to the trust account (the “Trust Account”) maintained by Continental Stock Transfer
& Trust Company, acting as trustee (“Continental”), at least one (1) business day prior to the date of
effectiveness (the “Effective Date”) of the registration statement relating to the Public Offering (the
“Registration Statement”).  On the Initial Closing Date, upon the payment by the Purchaser of the Purchase
Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Shares purchased on such date duly
registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form.

 

C. Terms of the Private Placement
Shares.

 

(i)  The Private Placement
Shares are substantially identical to the Shares to be offered in the Public Offering except: (a) as provided in that letter agreement,
dated as of the date hereof (the “Letter Agreement”), by and among the Company, the Purchaser, Northland Securities, Inc.
and each of the Company’s officers, directors and other signatories thereto, and (b) the Private Placement Shares are being purchased
pursuant to an exemption from the registration requirements of the Securities Act (as defined below) and will become freely tradable only
after the expiration of the lockup described  below and they are registered pursuant to the Registration Rights
Agreement (as defined below) or an exemption from registration is available, and the restrictions described above in clause (a) have expired.

    

    

    

 

(

(ii) The Purchaser hereby agrees not to transfer,
assign or sell any of the Private Placement Shares until 30 days after the Company's completion of its initial Business Combination transaction.
The foregoing transfer restrictions shall not apply to transfers by the Purchaser or by the recipient of any below-described transfer
(such recipient, a "Permitted Transferee"):

 

(a) to the Company's officers or directors,
any affiliates or family members of the Company's officers or directors, any members of the Purchaser, or any affiliates of the Purchaser;

 

(b) in the case of an individual, by gift
to a member of the individual's immediate family or to a trust, the beneficiary of which is a member of the individual's immediate family
or an affiliate of such person, or to a charitable organization;

 

(c) in the case of an individual, by virtue
of laws of descent and distribution upon death of the individual;

 

(d) in the case of an individual, pursuant
to a qualified domestic relations order;

 

(e) by private sales or transfers made
in connection with the consummation of a business combination at prices no greater than the price at which the securities were originally
purchased;

 

(f) in the event of the liquidation of
the Company prior to the Company's completion of its initial Business Combination;

 

(g) by virtue of the laws of the State
of Delaware or the Purchaser's limited liability company agreement, as amended, upon dissolution of the Purchaser.

 

provided, however, that except with the Company's prior consent, in the
case of clauses (a) through (e), or (g), above, the Permitted Transferee must enter into a written agreement agreeing to be bound by these
transfer restrictions and by the same agreements entered into by the Purchaser with respect to the Private Placement Shares.

 

 

(iii)  On the Effective
Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights Agreement”)
pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Shares.

 

Section 2.  Representations and Warranties
of the Company.  As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Shares,
the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Date) that:

 

A. Incorporation
and Corporate Power.  The Company is duly incorporated, validly existing and in good standing under the laws of Delaware and
is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results or assets of the Company.  The Company possesses all requisite corporate power
and authority necessary to carry out the transactions contemplated by this Agreement.

 

B. Authorization; No Breach.

 

(i)  The execution, delivery
and performance of this Agreement and the Private Placement Shares have been duly authorized by the Company as of the Closing Date. 
This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’
rights and to general equitable principles (whether considered in a proceeding in equity or law). 

 

(ii)  The execution and delivery
by the Company of this Agreement, the issuance and sale of the Private Placement Shares, and the fulfillment, of and compliance with,
the respective terms hereof and thereof by the Company, do not and will not as of the Closing Dates (a) conflict with or result in
a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien,
security interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result in a violation of, or
(e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court
or administrative or governmental body or agency pursuant to the second amended and restated certificate of incorporation and bylaws of
the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material
law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company
is subject, except for any filings required after the date hereof under federal or state securities laws.

 

C. Title to
Securities.  Upon issuance in accordance with, and payment pursuant to, the terms hereof and the second amended and restated
certificate of incorporation and bylaws of the Company, and upon registration in the register of members of the Company, the Private Placement
Shares will be duly and validly issued as fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the
terms hereof, and upon registration in the register of members of the Company, the Purchaser will have good title to the Private Placement
Shares purchased by it, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder
and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens,
claims or encumbrances imposed due to the actions of the Purchaser.

 

D. Governmental
Consents.  No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company
of any other transactions contemplated hereby.

 

E. Regulation
D Qualification. Neither the Company nor, to its actual knowledge, any of its officers, directors or beneficial stockholders of 20%
or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”).

 

Section 3.  Representations and Warranties
of the Purchaser.  As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement
Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive
the Closing Date) that:

    

    

    

 

A. Organization
and Requisite Authority.  The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement.

 

B. Authorization; No Breach.

 

(i) This Agreement constitutes
a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to
general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The execution and delivery
by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not
as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument,
order, judgment or decree to which the Purchaser is subject.

 

C. Investment Representations.

 

(i) The Purchaser is acquiring
the Private Placement Shares, for the Purchaser’s own account, for investment purposes only and not with a view towards, or for
resale in connection with, any public sale or distribution thereof.

 

(ii) The Purchaser is an “accredited
investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act and the Purchaser has not
experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

(iii) The Purchaser understands
that the Private Placement Shares are being offered and will be sold to it in reliance on specific exemptions from the registration requirements
of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions
and the eligibility of the Purchaser to acquire such Private Placement Shares.

 

(iv) The Purchaser decided to
enter into this Agreement not as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of
Regulation D under the Securities Act.

 

(v) The Purchaser has been furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the
Private Placement Shares which have been requested by the Purchaser.  The Purchaser has been afforded the opportunity to ask questions
of the executive officers and directors of the Company.  The Purchaser understands that its investment in the Private Placement Shares
involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision with respect to the acquisition of the Private Placement Shares.

 

(vi) The Purchaser understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Private Placement Shares or the fairness or suitability of the investment in the Private Placement Shares by the
Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Private Placement Shares.

 

(vii) The Purchaser understands
that: (a) the Private Placement Shares have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the
Company nor any other person is under any obligation to register the Private Placement Shares under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder.  The Private Placement Shares will bear a legend and
appropriate “stop transfer” instructions (or an appropriate notation if the Private Placement Shares are issued in book entry
form) relating to the foregoing. The Purchaser further understands that the Securities and Exchange Commission (the “SEC”)
has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial
business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check
company.  Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions
of the Private Placement Shares until the one-year anniversary following consummation of an initial business combination despite technical
compliance with the requirements of such Rule.

    

    

    

 

(viii) The Purchaser has such
knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments in the securities
of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Private
Placement Shares and is able to bear the economic risk of an investment in the Private Placement Shares in the amount contemplated hereunder
for an indefinite period of time.  The Purchaser has adequate means of providing for its current financial needs and contingencies
and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Private Placement
Shares.  The Purchaser can afford a complete loss of its investment in the Private Placement Shares.

 

Section 4.  Conditions of the Purchaser’s
Obligations.  The obligations of the Purchaser to purchase and pay for the Private Placement Shares are subject to the fulfillment,
on or before the Closing Date, of each of the following conditions:

 

A. Representations
and Warranties.  The representations and warranties of the Company contained in Section 2 shall be true and correct at and
as of such Closing Date as though then made.

 

B. Performance. 
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by it on or before such Closing Date.

 

C. No Injunction. 
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

  

D.  Registration
Rights Agreement.  The Company shall have entered into the Registration Rights Agreement, in each case on terms satisfactory
to the Purchaser. 

 

E. Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the issuance and sale of the Private Placement Shares.

 

Section 5.  Conditions of the Company’s
Obligations.  The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before
the Closing Date, of each of the following conditions:

 

A. Representations
and Warranties.  The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at
and as of such Closing Date as though then made.

 

B. Performance. 
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. No Injunction. 
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

D. Registration
Rights Agreement.  The Company shall have entered into the Registration Rights Agreement, on terms satisfactory to the Company.

    

    

    

 

Section 6. Legends. The Company will issue the Private Placement
Shares purchased by the Purchaser in the name of the Purchaser. The Private Placement Shares will bear the following Legend and appropriate
“stop transfer” instructions:

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO (I) A PRIVATE PLACEMENT SHARES PURCHASE AGREEMENT BETWEEN ARMADA ACQUISITION
CORP. I AND ARMADA SPONSOR LLC AND (II) AN INSIDER LETTER BETWEEN, AMONG OTHERS, ARMADA ACQUISITION CORP. I AND NORTHLAND SECURITIES,
INC. MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH
IN PRIVATE PLACEMENT SHARES PURCHASE AGREEMENT AND THE INSIDER LETTER.”

 

Section 7. Waiver of Liquidation Distributions.
In connection with the Private Placement Shares purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title,
interest or claim of any kind in or to any distributions with respect to the Private Placement Shares whether (i) in connection with the
exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer conducted
by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of common stock sold in the Public
Offering upon the Company’s failure to timely complete the Business Combination or (iv) in connection with a stockholder vote to
approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of
the Company’s obligation to redeem 100% of the Company’s public shares if the Company does not timely complete the Business
Combination or (B) with respect to any other provision relating to stockholders’ rights or pre-Business Combination activity.

 

Section 8.  Termination.  This
Agreement may be terminated at any time after September 30, 2021 upon the election by either the Company or the Purchaser solely as to
itself upon written notice to the other parties if the closing of the Public Offering does not occur prior to such date.

 

Section 9.  Survival of Representations
and Warranties.  All of the representations and warranties contained herein shall survive the Closing Date.

 

Section 10.  Definitions.  Terms
used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 11.  Miscellaneous.

 

A. Successors
and Assigns.  Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on
behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so
expressed or not.  Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement without
the prior written consent of the other party hereto, other than assignments by the Purchaser to affiliates thereof.

 

B. Severability. 
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

  

C. Counterparts. 
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the same agreement.

 

D. Descriptive
Headings; Interpretation.  The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement.  The use of the word “including” in this Agreement shall be by way of example
rather than by limitation. 

 

E. Governing
Law.  This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall
be construed in accordance with the internal laws of the State of New York, without regard to the conflicts of laws principles thereof.

 

F. Amendments. 
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties
hereto.

 

[Signature page follows]

 

 

    	 

    	 

    

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

 

	 	COMPANY:
	 	 
	 	ARMADA ACQUISITION CORP. I
	 	 
	 	By:	 
	 	 	Name:	Stephen P. Herbert
	 	 	Title:	Chief Executive Officer and Chairman
	 	 
	 	PURCHASER:
	 	 
	 	ARMADA SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name: 	Douglas M. Lurio
	 	 	Title:	Managing Member

 

[Signature page to Private Placement Shares
Purchase Agreement]Exhibit 10.6

 

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated
as of [ ], 2021 (“Agreement”), by and among ARMADA ACQUISITION CORP. I, a Delaware corporation (“Company”),
the stockholders of the Company listed on Exhibit A hereto (the “Founders”) and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, a New York limited purpose trust company (“Escrow Agent”).

 

WHEREAS, the Company was formed
for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated [ ], 2021 (“Underwriting Agreement”), with Northland Securities, Inc. (the
“Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 15,000,000 units (“Units”) of the
Company, plus an additional 2,250,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists of one
share of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and one-half of one warrant
(“Warrant”), each whole Warrant to purchase one share of Common Stock, all as more fully described in the Company’s
final Prospectus, dated [ ], 2021 (“Prospectus”) comprising part of the Company’s Registration Statement on Form
S-1 (File No. 333-257692) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective
on [ ], 2021 (“Effective Date”).

 

WHEREAS, the Founders have agreed
as a condition of the sale of the Units to deposit their shares of Common Stock of the Company in escrow as hereinafter provided.

 

WHEREAS, the Company and the Founders
desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment of Escrow
Agent. The Company and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement
and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2. Deposit of Shares.
On or before the Effective Date, the Founders’ respective shares of Common Stock set forth on Exhibit A hereto shall be deposited
in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. The Founders acknowledge that the shares deposited
in escrow will be legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement of the
Escrow Shares.

 

3.1 If the over-allotment option
to purchase all or a portion of the additional 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the
Prospectus (as described in the Underwriting Agreement), Armada Sponsor LLC (the “Sponsor”) and the Founders agree
that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying
1,125,000 by a fraction, (i) the numerator of which is 2,250,000 minus the number of shares of Common Stock included in the Units purchased
by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 2,250,000. The Company shall
promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if
any, purchased by the Underwriters in connection with the exercise thereof.

 

    
 

     

    

 

 

 

3.2 Except as otherwise set forth
herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1 above (such remaining
shares to be referred to herein as the “Escrow Shares”) until 180 days after the date of the consummation of an initial
Business Combination (such period of time during which the Escrow Shares are held in escrow, the “Escrow Period”).
The Company shall promptly provide notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion
of the Escrow Period, the Escrow Agent shall disburse such amount of each Founder’s Escrow Shares to the applicable Founder; provided,
however, that if, after the consummation of an initial Business Combination and during the Escrow Period, the Company (or the surviving
entity) consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such
entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon
receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form
reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved,
as applicable, release the Escrow Shares to the Founders. The Escrow Agent shall have no further duties hereunder after the disbursement
of the Escrow Shares in accordance with this Section 3.2.

 

3.3 If the Escrow Agent is
notified by the Company pursuant to Section 6.7 hereof that the Company’s Trust Account (as defined in that certain Investment Management
Trust Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) is being liquidated,
then the Escrow Agent shall deliver the certificates representing the Escrow Shares to the Founders promptly after the public stockholders
are paid the liquidating distributions and shall have no further duties hereunder.

 

4. Rights of Founders
in Escrow Shares.

 

4.1 Voting Rights as a Stockholder.
Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Founders shall retain all
of their rights as stockholders of the Company as long as any shares are held in escrow pursuant to this Agreement, including, without
limitation, the right to vote such shares.

 

4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement, all dividends
payable in cash with respect to the Escrow Shares shall be paid to the Founders, but all dividends payable in stock or other non-cash
property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used
herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions on Transfer.
During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and the Company’s officers,
directors, consultants or their affiliates, (ii) to a Founder’s stockholders, partners or members upon such Founder’s liquidation,
(iii) by bona fide gift to a member of the Founders’ immediate family or to a trust, the beneficiary of which is a Founder or a
member of a Founder’s immediate family for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon
death of a Founder, (v) pursuant to a qualified domestic relations order binding on a Founder, (vi) to the Company for no value for cancellation
in connection with the consummation of a Business Combination or (vii) by private sales of the Escrow Shares made at or prior to the consummation
of a Business Combination at prices no greater than the price at which the Escrow Shares were originally purchased; provided, however,
that except for clause (vi) or with the Company’s prior written consent, such permitted transfers may be implemented only upon the
respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed
by the Founder transferring the shares.

 

4.4 Insider Letter.
The Founders have executed letter agreement with the Company, dated as of the date hereto, the form of which is filed as an exhibit to
the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Founders in certain events,
including, but not limited to, the liquidation of the Company. 

 

5. Concerning the Escrow
Agent.

 

5.1 Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent in good faith to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent
shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced
by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto.

 

    
 

     

    

 

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding
involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent
hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence, fraud or willful
misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of
any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine
ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain
the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing
to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive
in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation. Subject
to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder.
The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the administration
of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes
or other governmental charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Founders shall deliver or cause to be delivered to the Escrow Agent
such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request
to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that
it is protected in acting hereunder.

 

5.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved by the Representative,
which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed within the 60-day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems
appropriate in the State of New York.

 

5.6 Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any
time by all of the other parties hereto; provided, however, that such resignation shall become effective only upon the appointment of
a successor escrow agent selected by the Company and approved by the Representative, which approval will not be unreasonably withheld,
conditioned or delayed.

 

5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence, fraud or
willful misconduct.

 

5.8 Waiver. The Escrow
Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any
distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

 

    
 

     

    

 

 

6. Miscellaneous.

 

6.1 Governing Law. 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 conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes
of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives
the right to trial by jury.

 

6.2 Third Party Beneficiaries.
Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary of this Agreement.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.

 

6.4 Headings. The headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors
and assigns.

 

6.6 Notices. Any notice,
consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by email or by facsimile
transmission:

 

If to the Company, to:

 

Armada Acquisition Corp. I

2005 Market Street

Philadelphia, PA 19103

Email: dlurio@luriolaw.com

 

If to a Founder, to his/her/its
address set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Client Administration Dept.

Fax No.:

Email: accountadmin@continentalstock.com

 

A copy of any notice sent hereunder
shall be sent to:

 

Northland Securities,
Inc.

750 3rd Avenue

New York, NY 10017

Attn: [ ]

Fax No.:

Email: [ ]

 

    
 

     

    

 

 

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

and:

 

Ellenoff Grossman &
Schole, LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser,
Esq.

Fax No.: (212) 370-7889

Email: SNeuhauser@egsllp.com

 

The parties may change the persons
and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.7 Liquidation of the Trust
Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account in the event that the
Company fails to consummate a Business Combination within the time period specified in the Company’s Amended and Restated Certificate
of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts. This
Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by facsimile transmission
and together shall constitute one instrument.

 

[Signature Page Follows]

 

 

 

    	 

    	 

    

 

WITNESS the execution of this
Agreement as of the date first above written.

 

	 	 
	 	ARMADA ACQUISITION CORP. I
	 	 
	 	By:	 
	 	Name:	Stephen P. Herbert
	 	Title:	Chief Executive Officer and Chairman 
	 	 
	 	ARMADA SPONSOR LLC
	 	 
	 	By:	 
	 	Name:	Stephen P. Herbert
	 	Title:	Managing Member
	 	 	 
	 	By:	 
	 	Name:	Douglas M. Lurio 
	 	Title:	Managing Member
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	 
	 	 	 
	 	 	Douglas M. Lurio
	 	 	 
	 	 	 
	 	 	 
	 	 	Stephen P. Herbert
	 	 	 
	 	 	 
	 	 	 
	 	 	Mohammad A. Khan
	 	 
	 	 
	 	 	 
	 	 	Thomas A. Decker
	 	 
	 	 
	 	 	 
	 	 	Celso L. White 

 

 

[Signature Page to Stock Escrow Agreement]

 

    
 

     

    

 

  

EXHIBIT A

 

	Name and Address of Founder	Number of Shares 
	 	 
	ARMADA SPONSOR LLC

2005 Market Street, Suite 3120 

Philadelphia, PA 19103

Attn: Douglas M. Lurio	
    6,007,500

     

	
    Douglas M. Lurio

    2005 Market Street, Suite 3120

    Philadelphia, PA 19103
	50,000
	
    Stephen P. Herbert

    P.O. Box 2339

    Breckinridge, CO 80424
	50,000
	
    Thomas A. Decker

    1659 Market Street

    Philadelphia, PA 19103
	35,000
	
    Mohammad A. Khan

    2238 Bentley Ridge Dr.

    San Jose, CA 95138
	35,000
	
    Celso L. White

    81 Cherry Hills Farm Drive

    Englewood, CO 80113
	35,000

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