Document:

Exhibit 10.2

 

Execution Copy

 

Exhibit B

FORM OF LOCK-UP AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of [●],
by and between (i) Malacca Straits Acquisition Company Limited, a Cayman Islands exempted company (together with its successors,
including after giving effect to the Domestication (as defined below)), the “Purchaser”) and (ii) the undersigned,
Holder of Company Stock (“Holder”). Any capitalized term used but not defined in this Agreement will have the
meaning ascribed to such term in the Merger Agreement.

 

WHEREAS, on September
26, 2022, the Purchaser, Indiev, Inc, a California corporation (together with its subsidiaries and their respective successors, including
after the Conversion, the “Company”), MLAC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary
of the Purchaser (“Merger Sub”), the Purchaser Representative and the Seller Representative entered into that
certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”),
pursuant to which, among other matters, (a) the Purchaser shall transfer by way of continuation from the Cayman Islands to the State of
Delaware and domesticate as a corporation under the laws of the State of Delaware (the “Domestication”), and
(b) upon the consummation of the transactions contemplated thereby (the “Closing”), Merger Sub will merge with
and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of the Purchaser (the “Merger”),
and as a result of which all of the issued capital stock of the Company outstanding immediately prior to the Effective Time shall no longer
be outstanding and shall automatically be cancelled and shall cease to exist, in exchange for the right for each Company Stockholder to
receive its Pro Rata Share of the Merger Consideration (and a contingent right to receive the Earnout Shares after the Closing) as set
forth in the Merger Agreement, all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with
the applicable provisions of the DGCL;

 

WHEREAS, as of the
date hereof, Holder is a holder of Company Stock or Company Convertible Securities in such amounts and types of securities as set forth
underneath Holder’s name on the signature page hereto; and

 

WHEREAS, pursuant to
the Merger Agreement, and in view of the valuable consideration to be received by Holder thereunder, the parties desire to enter into
this Agreement, pursuant to which the Purchaser Common Stock received by Holder in the Merger, including its Pro Rata Share of any Earnout
Shares issued to Earnout Participants after the Closing (all such securities, together with any securities paid as dividends or distributions
with respect to such securities or into which such securities are exchanged or converted, the “Restricted Securities”),
shall become subject to the restrictions set forth herein (provided, that for the avoidance of doubt, the term “Restricted
Securities” will exclude any PIPE Shares, including those issued pursuant to additional Subscription Agreements signed during the
Interim Period under Section 5.20 of the Merger Agreement).

 

NOW, THEREFORE,
in consideration of the foregoing premises, and intending to be legally bound, the parties hereby agree as follows:

 

1.  Lock-Up
Provisions.

 

(a)  Holder
hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending on the
earlier of (i) one year after the date of the Closing, or (ii) subsequent to the Closing, (x) the date on which the closing sale price
of shares of Purchaser Common Stock equals or exceeds $12.00 per share (as adjusted for share subdivisions, share consolidations, share
capitalizations, stock splits, stock dividends, rights issuances, reorganizations, recapitalizations and the like) for any twenty (20)
trading days within any thirty (30) trading day period commencing at least 150 days after the Closing, or (y) the date after the Closing
on which the Purchaser completes a liquidation, merger, share exchange, reorganization or other similar transaction with an unaffiliated
third party that results in all of the Purchaser’s shareholders having the right to exchange their equity holdings in the Purchaser
for cash, securities or other property: (A) sell, offer to sell, contact or agree to sell, hypothecate, pledge, lend, encumber, donate,
assign, grant any option, right or warrant to purchase, purchase any option or contract to sell, or otherwise dispose of or enter into
any agreement to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act and the rules of regulation of the Commission promulgated thereunder,
with respect to any Restricted Securities, (B) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of the Restricted Securities, and in the case of clauses (A) or (B) above whether
any such transaction is to be settled by delivery of Restricted Securities, in cash or otherwise, or (C) publicly announce or disclose
any intention to enter into any transaction described in clauses (A), (B) or (C) above (any of the foregoing described in clauses (A),
(B) or (C), a “Prohibited Transfer”). The foregoing sentence shall not apply to the transfer of any or all of
the Restricted Securities owned by Holder (I) by gift, will or intestate succession upon the death of Holder, (II) to any Permitted Transferee
(as defined below) or (III) pursuant to a court order or settlement agreement related to the distribution of assets in connection with
the dissolution of marriage or civil union; provided, however, that in any of cases (I), (II) or (III) it shall be a condition to such
transfer that the transferee executes and delivers to the Purchaser an agreement stating that the transferee is receiving and holding
the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall be no further transfer of
such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term “Permitted Transferee”
shall mean: (i) the members of Holder’s immediate family (for purposes of this Agreement, “immediate family” shall mean
with respect to any natural person, any of the following: such person’s spouse, the siblings of such person and his or her spouse,
and the direct descendants and ascendants (including adopted and step children and parents) of such person and his or her spouses and
siblings), (ii) any trust for the direct or indirect benefit of Holder or the immediate family of Holder, (iii) if Holder is a trust,
the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (iv) if Holder is an entity, as a distribution
to limited partners, shareholders, members of, or owners of similar equity interests in Holder upon the liquidation and dissolution of
Holder, and (v) any affiliate of Holder. Holder further agrees to execute such agreements as may be reasonably requested by Purchaser
that are consistent with the foregoing or that are necessary to give further effect thereto.

 

     

     

    

 

(b)  If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be
null and void ab initio, and Purchaser shall refuse to recognize any such purported transferee of the Restricted Securities as one of
its equity holders for any purpose. In order to enforce this Section 1, Purchaser may impose stop-transfer instructions with
respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period.

 

(c)  During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with, and each direct
or book entry registration shall include in its notations, a legend in substantially the following form, in addition to any other applicable
legends:

 

“THE
SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [●],
BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER NAMED THEREIN INCLUDING THE
REGISTERED OWNER OF THE SHARES REPRESENTED HEREBY, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE
ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

(d)  For
the avoidance of any doubt, Holder shall retain all of its rights as a stockholder of the Purchaser during the Lock-Up Period, including
the right to vote any Restricted Securities.

 

2.  Miscellaneous.

 

(a)  Termination
of Merger Agreement. This Agreement shall be binding upon Holder upon Holder’s execution and delivery of this Agreement, but
this Agreement shall only become effective upon the Closing of the Merger. Notwithstanding anything to the contrary contained herein,
in the event that the Merger Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and all rights
and obligations of the parties hereunder shall automatically terminate and be of no further force or effect.

 

(b)  Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and
may not be transferred or delegated by Holder at any time. The Purchaser may freely assign any or all of its rights under this Agreement,
in whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining
the consent or approval of Holder.

 

(c)  Third
Parties. Except for the rights of the Sponsor (and its successors and assigns) set forth in Sections 2(h) and 2(j),
for which provisions Sponsor and its successors and assigns are express third party beneficiaries, nothing contained in this Agreement
or in any instrument or document executed by any party in connection with the transactions contemplated hereby shall create any rights
in, or be deemed to have been executed for the benefit of, any person or entity that is not a party hereto or thereto or a successor or
permitted assign of such a party.

 

(d)  Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without regard to the conflict of law principles thereof. All Actions
arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in the County
of New York, New York (or in any appellate courts thereof) (the “Specified Courts”). Each party hereto hereby (i)
submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement
brought by any party hereto and (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any
such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or
immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or
that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each party agrees that a
final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law. Each party irrevocably consents to the service of the summons and complaint and any other process in any other action
or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery
of copies of such process to such party at the applicable address set forth in Section 2(g). Nothing in this Section
2(d) shall affect the right of any party to serve legal process in any other manner permitted by applicable law.

 

(e)  WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
2(e).

 

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(f)  Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description
preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii)
the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall
be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of
this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.

 

(g)  Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means (including email), with affirmative confirmation of receipt, (iii)
one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days
after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable party
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	
     

    If to the Purchaser at or prior to the Closing, to:

     

    Malacca Straits Acquisition Company Limited

    Unit 601-2, St. George’s Building, 2 Ice House Street Central, Hong Kong

    Attn:     Gordon Lo, Chief Executive Officer;

                 Stanley Wang, Chief Financial Officer

    Telephone No.: +852 21060888

    Email:   gordon@malaccastraits.net;

                  stanley@malaccastraits.net

     
	 	
     

    With a copy (which will not constitute notice) to:

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn:      Matthew A. Gray, Esq.

                  Stuart Neuhauser, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email:    mgray@egsllp.com; 

              sneuhauser@egsllp.com

     

	 	 	 
	
    If to the Sponsor in connection with Section 2(j), to:

     

    Malacca Straits Management Company Limited

    Unit 601-2, St. George’s Building, 2 Ice House Street 

Central, Hong Kong

    Attn: Ivan Wong, Director

    Telephone No.: +852 21060888

    Email: ivan_wong@petersonhk.com

     
	 	
    With a copy (which will not constitute notice) to:

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn:     Matthew A. Gray, Esq.

                 Stuart Neuhauser, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email:   mgray@egsllp.com; 

            sneuhauser@egsllp.com

     

	 	 	 
	
    If to the Purchaser after the Closing, to:

     

    INDI Electric Vehicle Inc.

    5001 S Soto Street

    Vernon, CA 90058

    Attn: Mr. Hai Shi, CEO

    Telephone No.: (323) 703-5720

    Email:sh@indiev.com

     
	 	
    with copies (which shall not constitute notice) to:

     

    Sheppard, Mullin, Richter & Hampton LLP

    12275 El Camino Real, Suite 100

    San Diego, CA 92130

    Attn:     James A. Mercer III, Esq.

    Telephone No.: (858) 720-7469

    Email:   jmercer@sheppardmullin.com

     

    and

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn:     Stuart Neuhauser, Esq.

                 Matthew A. Gray, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email:   mgray@egsllp.com;

            sneuhauser@egsllp.com

     

	If to Holder, to: the address set forth below Holder’s name on the signature page to this Agreement.

 

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(h)  Amendments
and Waivers. Subject to the terms of Sections 2(i) and 2(j) below, any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance) only in each case with the prior
written consent of the Purchaser (acting pursuant to Section 2(i) below) and the Holder. No waiver will be effective unless it
is expressly set forth in a written instrument executed by the Purchaser (acting pursuant to Section 2(i) below) and the Holder
and any such waiver will have no effect except in the specific instance in which it is given. Any delay or omission by a party in exercising
its rights under this Agreement, or failure to insist upon strict compliance with any term, covenant, or condition of this Agreement will
not be deemed a waiver of such term, covenant, condition or right, nor will any waiver or relinquishment of any right or power under this
Agreement at any time or times be deemed a waiver or relinquishment of such right or power at any other time or times. Notwithstanding
anything to the contrary contained herein, the rights of the Sponsor (and its successors and assigns) under Sections 2(c) and 2(j)
(and defined terms used therein) cannot be amended or waived without the prior written consent of the Sponsor (or its successor(s) or
assign(s)).

 

(i)  Authorization
Regarding this Agreement. The parties acknowledge and agree that enforcement of the Purchaser’s rights and remedies, and the
grant of any waivers or amendments under this Agreement may be made, taken and authorized on behalf of the Purchaser only following the
affirmative vote or consent of a majority of the Disinterested Independent Directors. For purposes of this Agreement, a “Disinterested
Independent Director” means an independent director (as defined under the rules and regulations of The Nasdaq Stock Market)
serving on the Purchaser’s board of directors at the applicable time of determination, that is not a pre-Closing Company shareholder,
an Affiliate of a pre-Closing Company shareholder, or an officer, director, manager, employee, trustee or beneficiary of a pre-Closing
Company shareholder or its Affiliate, nor an immediate family member of any of the foregoing. Without limiting the foregoing, in the event
that a pre-Closing Company shareholder or its Affiliate serves as a director, officer, employee or other authorized agent of the Purchaser,
the pre-Closing Company shareholder or its Affiliate shall have no authority, express or implied, to act or make any determination on
behalf of the Purchaser in connection with this Agreement or any dispute, action or legal proceeding respect hereto.

 

(j)  Early
Release. This Agreement is one of a series of substantially identical lock-up agreements that Purchaser is entering into or has entered
into with other holders in connection with the Merger. From and after the Closing, the Purchaser (with the approval of the Disinterested
Independent Directors (in accordance with Section 2(i) above) shall be entitled to release all or any Restricted Securities
from any or all of the restrictions imposed hereunder, and to release Holder from all or any obligations hereunder; provided, however,
that if any securities (“Other Restricted Securities”) held by any other Person (an “Other
Locked-up Person”) that is party to an agreement with the Purchaser similar to this Agreement, including any Founder Shares
pursuant to and as defined in that certain letter agreement, dated as of July 14, 2020 (the “Insider Letter”
and, together with any such other agreement similar hereto, the “Other Lock-up Agreements”), by and among the
Purchaser, the Sponsor and the other parties named therein (or other securities of the Purchaser issuable upon conversion thereof), are
released from any such restrictions, the Restricted Securities shall, unless Holder consents otherwise in writing, also be released in
a proportionate manner, and at the same time or times, as Other Restricted Securities subject to such release, except in the case of where
such securities are released either (i) to make a transfer that is required by applicable Law or (ii) to permit the holder of such securities
to avoid an impending insolvency, bankruptcy or assignment for the benefit of its creditors (either of clauses (i) or (ii), an “Excluded
Early Release”); and provided, further, that in the event that any Other Lock-up Agreement is amended or otherwise
modified in a manner favorable to any Other Locked-Up Person (other than for an Excluded Early Release through amendment or modification)
and such amendment or modification, if applied to this Agreement, would also be favorable to Holder, Holder shall be afforded the benefits
of, and this Agreement shall be deemed amended or modified to give effect to, such amendment or modification. The Purchaser and Holder
agree that in the event that any Restricted Securities are released from any or all of the restrictions hereunder (except in the case
of an Excluded Early Release), the Founder Shares shall, unless the Sponsor (or its successor(s) or assign(s)) consents otherwise in writing,
also be released in a proportionate manner, and at the same time or times, as the Restricted Securities subject to such release; and provided,
further, that in the event this Agreement is amended or otherwise modified in a manner more favorable to Holder (other than for an Excluded
Early Release through amendment or modification) and such amendment or modification, if applied to the Insider Letter, would also be favorable
to the Sponsor (or its successors or assigns), the Sponsor (and its successors and assigns) shall be afforded the benefits of, and the
Insider Letter shall be deemed amended or modified to give effect to, such amendment or modification. In the event of an early release
of all or any Other Restricted Securities or any Other Locked-up Person from any or all of the restrictions imposed pursuant to an Other
Lock-up Agreement (other than an Excluded Early Release) or any Other Lock-up Agreement is amended or otherwise modified in a manner favorable
to any Other Locked-Up Person (other than for an Excluded Early Release through amendment or modification), the Purchaser shall notify
the Sponsor (or its successors and assigns) and Holder within two (2) Business Days of the occurrence of such release, amendment or modification.
The Purchaser hereby represents and warrants that no Other Lock-up Agreement imposes any shorter lock-up period or any other lesser restrictions
on transfer of Purchaser Common Stock than those imposed on Holder pursuant to this Agreement.

 

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(k)  Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable provision
a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid,
illegal or unenforceable provision.

 

(l)  Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of
a breach of this Agreement by Holder, money damages will be inadequate and Purchaser will have no adequate remedy at law, and agrees that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance with
their specific terms or were otherwise breached. Accordingly, the Purchaser shall be entitled to an injunction or restraining order to
prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement to post
any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to
which such party may be entitled under this Agreement, at law or in equity.

 

(m)  Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the Purchaser and Holder with respect
to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the Purchaser
and Holder is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and
obligations of the parties under the Merger Agreement or any Ancillary Document attached and included in the Merger Agreement. Notwithstanding
the foregoing, nothing in this Agreement shall limit any of the rights or remedies of the Purchaser or any of the obligations of Holder
under any other agreement between Holder and the Purchaser or any certificate or instrument executed by Holder in favor of the Purchaser,
and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of the Purchaser or any of the
obligations of Holder under this Agreement.

 

(n)  Further
Assurances. From time to time, at another party’s request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(o)  Counterparts;
Facsimile.This Agreement may also be executed and delivered by facsimile signature or by email in portable document format
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

{Remainder of Page Intentionally Left Blank;
Signature Pages Follow}

 

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IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	The Purchaser:
	 	 
	 	Malacca Straits Acquisition Company Limited
	 	 
	 	By:	       
	 	Name:
	 	Title:

 

{Additional Signature on the Following Page}

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above. 

 

Holder:

 

Name of Holder: [________________________ ]

 

	By:	 	 
	Name:	 
	Title:	 

 

Number and Type of Shares of Company Stock:

 

Company Stock:__________________________________________

 

Type and Amount of Company Convertible Securities held by Holder:  

 

_______________________________________________________

 

	Address for Notice:
	 
	Address:	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 
	Facsimile No:	 	 
	 	 	 
	Telephone No:	 	 
	 	 	 
	Email:Exhibit 10.3

 

EXECUTION VERSION

 

NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 

THIS NON-COMPETITION AND NON-SOLICITATION
AGREEMENT (this “Agreement”) is being executed and delivered as of September 26, 2022, by Mr. Hai Shi (the “Subject
Party”) in favor of and for the benefit of Malacca Straits Acquisition Company Limited, a Cayman Islands exempted
company (together with its successors, the “Purchaser”), Indiev, Inc., a California corporation (together
with its successors, including after the Conversion (as defined in the Merger Agreement), the “Company”), and
each of the Purchaser’s and/or the Company’s respective present and future Affiliates, successors and direct and indirect
Subsidiaries (collectively with the Purchaser and the Company, the “Covered Party” or Covered Parties”).
Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement.

 

WHEREAS, on or about the date
hereof, the Purchaser, the Company, MLAC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser (“Merger
Sub”), the Purchaser Representative and the Seller Representative entered into that certain Agreement and Plan of Merger
(as amended from time to time in accordance with the terms thereof, the “Merger Agreement”), pursuant to which,
among other matters, (a) the Purchaser shall transfer by way of continuing out of the Cayman Islands and become domesticated as a corporation
in the state of Delaware (the “Domestication”), and (b) upon the consummation of the transactions contemplated
thereby (the “Closing”), Merger Sub will merge with and into the Company, with the Company continuing as the
surviving entity and a wholly-owned subsidiary of the Purchaser (the “Merger”), and as a result of which all
of the issued and outstanding capital stock of the Company immediately prior to the Effective Time shall no longer be outstanding and
shall automatically be cancelled and shall cease to exist, in exchange for the right for each Company Stockholder (as defined in the Merger
Agreement) to receive its Pro Rata Share of the Stockholder Merger Consideration as set forth in the Merger Agreement, all upon the terms
and subject to the conditions set forth in the Merger Agreement and in accordance with the applicable provisions of the DGCL;

 

WHEREAS, the Company, directly
and indirectly through its Subsidiaries, engages in the business of design, manufacture, sale of electric passenger vehicles, including
INDI ONE, which is a smart electric car with an onboard supercomputer (collectively, the “Business”);

 

WHEREAS, in connection with,
and as a condition to the execution and delivery of the Merger Agreement and the consummation of the Conversion, the Merger and the other
transactions contemplated by the Merger Agreement (collectively, the “Transactions”), and to enable the Purchaser
to secure more fully the benefits of the Transactions, including the protection and maintenance of the goodwill and confidential information
of the Company and its Subsidiaries, the Purchaser has required that the Subject Party enter into this Agreement;

 

WHEREAS, the Subject Party
is entering into this Agreement in order to induce the Purchaser and Merger Sub to enter into the Merger Agreement and consummate the
Transactions, pursuant to which the Subject Party will directly or indirectly receive a material benefit; and

 

WHEREAS, the Subject Party,
as a former and/or current shareholder, director, officer or employee of the Company or its Affiliates, has contributed to the value of
the Company and its Subsidiaries and has obtained extensive and valuable knowledge and confidential information concerning the business
of the Company and its Subsidiaries.

 

     

     

    

 

NOW, THEREFORE, in order to
induce the Purchaser to enter into the Merger Agreement and consummate the Transactions, and intending to be legally bound, the Subject
Party hereby agrees as follows:

 

1. Other
Activities.

 

(a) Period
for Other Activities. During the period from the Closing until the two (2) year anniversary of the Closing Date (the “Restricted
Period”), the Subject Party will not, and will cause its Affiliates not to, without the prior written consent of the Purchaser
(which may be withheld in its sole discretion), anywhere in the United States or China or in any other markets in which the Covered Parties
are engaged, or are actively contemplating to become engaged, in the Business as of the Closing Date or during the Restricted Period (the
“Territory”), directly or indirectly engage in the Business (other than through a Covered Party) or own, manage,
finance or control, or participate in the ownership, management, financing or control of, or become engaged or serve as an officer, director,
member, partner, employee, agent, consultant, advisor or representative of, a business or entity (other than a Covered Party) that engages
in the Business (a “Competitor”). Notwithstanding the foregoing, the Subject Party and its Affiliates may own
passive investments of no more than two percent (2%) of any class of outstanding equity interests in a Competitor that is publicly traded,
so long as the Subject Party and its Affiliates and immediate family members are not involved in the management or control of such Competitor
(“Permitted Ownership”).

 

(b) Trade
Secrets. In addition, Subject Party acknowledges that the Company has valuable Trade Secrets (as defined by applicable law from time
to time) to which Subject Party has had access prior to the signing of the Merger Agreement and its Closing. Subject Party understands
that the Company and/or Purchaser intends to vigorously pursue its rights under applicable Trade Secrets law if, during a period of twenty
four (24) months immediately following the Closing Date for any reason, whether with or without cause, Subject Party solicits or influences
or attempts to influence any client, licensor, licensee, vendor, customer or other person either directly or indirectly, to direct any
purchase of products and/or services to any person, firm, corporation, institution or other entity in competition with the Business of
the Company or Purchaser. Thereafter, the Company and Purchaser in each case intend to vigorously pursue their rights under applicable
Trade Secrets law as the circumstances warrant.

 

(c) Acknowledgment.
The Subject Party acknowledges and agrees, based upon the advice of legal counsel and/or the Subject Party’s own education, experience
and training, that: (i) the Subject Party possesses knowledge of confidential information of the Company and its Subsidiaries and the
Business, (ii) the Subject Party’s execution of this Agreement is partial consideration to the Purchaser in the Transactions and
a material inducement to the Purchaser and the Company to consummate the Transactions and to realize the goodwill of the Company and its
Subsidiaries, for which the Subject Party and/or its Affiliates will receive a substantial direct or indirect financial benefit, and that
the Purchaser and the Company would not have entered into the Merger Agreement or consummated the Transactions but for the Subject Party’s
agreements set forth in this Agreement; (iii) it would impair the goodwill of the Company and its Subsidiaries and reduce the value of
the assets of the Company and its Subsidiaries and cause serious and irreparable injury if the Subject Party were to use its ability and
knowledge by engaging in the Business in competition with a Covered Party, or to disclose or distribute its Trade Secrets, and/or to otherwise
breach the obligations contained herein, and that the Covered Parties would not have an adequate remedy at law because of the unique nature
of the Business, (iii) the Subject Party and its Affiliates have no intention of engaging in the Business (other than through the Covered
Parties) during the Restricted Period other than through Permitted Ownership, (iv) the Covered Parties conduct and intend to conduct the
Business in the Territory and compete with other businesses that are or could be located in any part of the Territory, (v) the foregoing
restrictions on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration, and reasonably
necessary to protect the Covered Parties’ legitimate interests (vi) the consideration provided to the Subject Party under this Agreement
and the Merger Agreement is not illusory, and (vii) such provisions do not impose a greater restraint than is necessary to protect the
goodwill or other business interests of the Covered Parties.

 

    2

     

    

 

2. No
Solicitation; No Disparagement.

 

(a) No
Solicitation of Employees and Consultants. During the Restricted Period, the Subject Party and its Affiliates will not, without the
prior written consent of the Purchaser (which may be withheld in its sole discretion), either on its own behalf or on behalf of any other
Person (other than, if applicable, a Covered Party in the performance of the Subject Party’s duties on behalf of the Covered Parties),
directly or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing) any Covered
Personnel to leave the service (whether as an employee, consultant or independent contractor) of any Covered Party; or (ii) in any way
interfere with or attempt to interfere with the relationship between any Covered Personnel and any Covered Party; provided, however,
the Subject Party and its Affiliates will not be deemed to have violated this Section 2(a) if any Covered Personnel voluntarily
and independently solicits an offer of employment from the Subject Party or its Affiliate (or other Person whom any of them is acting
on behalf of) by responding to a general advertisement or solicitation program conducted by or on behalf of the Subject Party or its Affiliate
(or such other Person whom any of them is acting on behalf of) that is not targeted at such Covered Personnel or Covered Personnel generally.
For purposes of this Agreement, “Covered Personnel” shall mean any Person who is or was an employee, consultant
or independent contractor of the Covered Parties, as of such date of the relevant act prohibited by this Section 2(a) or during
the one (1) year period preceding such date.

 

(b) Non-Solicitation
of Customers and Suppliers. During the Restricted Period, in order to protect the Company’s and Purchaser’s Trade Secrets
and otherwise, the Subject Party and its Affiliates will not, without the prior written consent of the Purchaser (which may be withheld
in its sole discretion) and a majority of the Disinterested Independent Directors, individually or on behalf of any other Person (other
than, if applicable, a Covered Party in the performance of the Subject Party’s duties on behalf of the Covered Parties), directly
or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing) any Covered Customer
(as defined below) to (A) cease being, or not become, a client or customer of any Covered Party with respect to the Business or (B) reduce
the amount of business of such Covered Customer with any Covered Party, or otherwise alter such business relationship in a manner adverse
to any Covered Party, in either case, with respect to or relating to the Business; (ii) interfere with or disrupt (or attempt to interfere
with or disrupt) the contractual relationship between any Covered Party and any Covered Customer; (iii) divert any business with any Covered
Customer relating to the Business from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with,
any Covered Customer for products or services that are part of the Business; or (v) interfere with or disrupt (or attempt to interfere
with or disrupt), any Person that was a vendor, supplier, distributor, agent or other service provider of a Covered Party at the time
of such interference or disruption, for a purpose competitive with a Covered Party as it relates to the Business. For purposes of this
Agreement, a “Covered Customer” shall mean any Person who is or was an actual customer or client (or prospective
customer or client with whom a Covered Party actively marketed or made or taken specific action to make a proposal) of a Covered Party,
as of such date of the relevant act prohibited by this Section  or during the one (1) year period preceding such date.

 

(c) Non-Disparagement.
During the Restricted Period, the Subject Party and its Affiliates will not, directly or indirectly engage in any conduct that involves
the making or publishing (including through electronic mail distribution or online social media) of any written or oral statements or
remarks (including the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging,
deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties or their respective management, officers,
employees, independent contractors or consultants. Notwithstanding the foregoing, subject to Section 3 below, the provisions of
this Section 2(c) shall not restrict the Subject Party or its Affiliates from providing truthful testimony or information in response
to a subpoena or investigation by a Governmental Authority or in connection with any legal action by the Subject Party or its Affiliate
against any Covered Party under this Agreement, the Merger Agreement or any other Ancillary Document that is asserted by the Subject Party
or its Affiliate in good faith.

 

    3

     

    

 

3. Confidentiality.
From and after the Closing Date, the Subject Party will, and will cause its Representatives to, keep confidential and not (except,
if applicable, in the performance of the Subject Party’s duties on behalf of the Covered Parties) directly or indirectly use, disclose,
reveal, publish, transfer or provide access to, any and all Covered Party Information without the prior written consent of the Purchaser
(which may be withheld in its sole discretion). As used in this Agreement, “Covered Party Information” means
all material and information relating to the business, affairs and assets of any Covered Party, including material and information that
concerns or relates to such Covered Party’s bidding and proposal, technical information, computer hardware or software, administrative,
management, operational, data processing, financial, marketing, customers, sales, human resources, employees, vendors, business development,
planning and/or other business activities, regardless of whether such material and information is maintained in physical, electronic,
or other form, that is: (a) gathered, compiled, generated, produced or maintained by such Covered Party through its Representatives, or
provided to such Covered Party by its suppliers, service providers or customers; and (b) intended and maintained by such Covered Party
or its Representatives, suppliers, service providers or customers to be kept in confidence. Covered Party Information also includes information
disclosed to any Covered Party by a third party to the extent that a Covered Party has an obligation of confidentiality in connection
therewith. The obligations set forth in this Section 3 will not apply to any Covered Party Information where the Subject Party
can prove that such material or information: (i) is known or available through other lawful sources not bound by a confidentiality agreement
or other confidentiality obligation with respect to such material or information; (ii) is or becomes publicly known through no violation
of this Agreement or other non-disclosure obligation of the Subject Party or any of its Representatives; (iii) is already in the possession
of the Subject Party at the time of disclosure through lawful sources not bound by a confidentiality agreement or other confidentiality
obligation as evidenced by the Subject Party’s documents and records; or (iv) is required to be disclosed pursuant to an order of
any administrative body or court of competent jurisdiction (provided that (A) the applicable Covered Party is given reasonable prior written
notice, (B) the Subject Party cooperates (and causes its Representatives to cooperate) with any reasonable request of any Covered Party
to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still required, the
Subject Party and its Representatives only disclose such portion of the Covered Party Information that is expressly required by such order,
as it may be subsequently narrowed).

 

4. Representations
and Warranties. The Subject Party represents and warrants, to and for the benefit of the Covered Parties as of the date of this Agreement
and as of the Closing Date, that: (a) the Subject Party has full power and capacity to execute and deliver, and to perform all of the
Subject Party’s obligations under, this Agreement; and (b) neither the execution and delivery of this Agreement nor the performance
of the Subject Party’s obligations hereunder will result directly or indirectly in a violation or breach of any agreement or obligation
by which the Subject Party is a party or otherwise bound. By entering into this Agreement, the Subject Party certifies and acknowledges
that the Subject Party has carefully read all of the provisions of this Agreement, and that the Subject Party voluntarily and knowingly
enters into this Agreement.

 

5. Remedies.
The covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are of a special, unique and
extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered Parties, the
amount of which may be impossible to estimate or determine and which cannot be adequately compensated. The Subject Party agrees that,
in the event of any breach or threatened breach by the Subject Party of any covenant or obligation contained in this Agreement, each applicable
Covered Party will be entitled to obtain the following remedies (in addition to, and not in lieu of, any other remedy at law or in equity
or pursuant to the Merger Agreement or the other Ancillary Documents that may be available to the Covered Parties, including monetary
damages), and a court of competent jurisdiction may award: (a) an injunction, restraining order or other equitable relief restraining
or preventing such breach or threatened breach, without the necessity of proving actual damages or that monetary damages would be insufficient
or posting bond or security, which the Subject Party expressly waives; and (b) recovery of the Covered Party’s attorneys’
fees and costs incurred in enforcing the Covered Party’s rights under this Agreement. The Subject Party hereby consents to the award
of any of the above remedies to the applicable Covered Party in connection with any such breach or threatened breach. The Subject Party
hereby acknowledges and agrees that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement
(or any other non-competition agreement with the Subject Party) under or in connection with the Merger Agreement shall not be considered
a measure of, or a limit on, the damages of the Covered Parties.

 

    4

     

    

 

6. Survival
of Obligations. The expiration of the Restricted Period will not relieve the Subject Party of any obligation or liability arising
from any breach by the Subject Party of this Agreement during the Restricted Period. The Subject Party further agrees that the time period
during which the covenants contained in Section 1 and Section 2 of this Agreement will be effective will be computed by
excluding from such computation any time during which the Subject Party is in violation of any provision of such Sections.

 

7. Miscellaneous.

 

(a) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means (including email), with affirmative confirmation of receipt, or (iii)
one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service, in each case to the applicable
party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	
     

    If to the Purchaser or the Company (or any other
    

Covered Party), to:

     

    Malacca Straits Acquisition Company Limited

    Unit 601-2, St. George’s Building, 2 Ice House 

Street Central, Hong Kong

    Attn: Gordon Lo, Chief Executive Officer

       Stanley Wang, Chief Financial Officer

     

    Telephone No.: +852 21060888

    Email: gordon@malaccastraits.net;

    stanley@malaccastraits.net

     

    and

     

    INDI Electric Vehicle Inc.

    5001 S Soto Street

    Vernon, CA 90058

    Attn: Mr. Hai Shi, CEO

     

    Telephone No.: (323) 703-5720

     

    Email:sh@indiev.com

     
	
     

    with a copy (that will not constitute notice)
    to:

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn: Matthew A. Gray, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email: mgray@egsllp.com

     

    and

     

    Sheppard, Mullin, Richter & Hampton LLP

    12275 El Camino Real, Suite 100

    San Diego, CA 92130

    Attn: James A. Mercer III, Esq.

    Phone: (858) 720-8900

    Email: JMercer@sheppardmullin.com

	If to the Subject Party, to:

the address below the Subject Party’s name on the signature page to this Agreement.

 

    5

     

    

 

(b) Integration
and Non-Exclusivity. This Agreement, the Merger Agreement and the other Ancillary Documents contain the entire agreement between the
Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights and remedies of
the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which they may have, whether
at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without limiting the generality of
the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities of the Subject Party and its Affiliates,
under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities (i) under the laws of unfair competition,
misappropriation of trade secrets, or other requirements of statutory or common law, or any applicable rules and regulations and (ii)
otherwise conferred by contract, including the Merger Agreement and any other written agreement between the Subject Party or its Affiliate
and any of the Covered Parties. Nothing in the Merger Agreement will limit any of the obligations, liabilities, rights or remedies of
the Subject Party or the Covered Parties under this Agreement, nor will any breach of the Merger Agreement or any other agreement between
the Subject Party or its Affiliate and any of the Covered Parties limit or otherwise affect any right or remedy of the Covered Parties
under this Agreement. If any term or condition of any other agreement between the Subject Party or its Affiliate and any of the Covered
Parties conflicts or is inconsistent with the terms and conditions of this Agreement, the more restrictive terms will control as to the
Subject Party or its Affiliate, as applicable.

 

(c) Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision of this
Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction, then (i)
such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest possible extent,
(ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or enforceability of such
provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality or unenforceability of such
provision will not affect the validity, legality or enforceability of the remainder of such provision or the validity, legality or enforceability
of any other provision of this Agreement. The Subject Party and the Covered Parties will substitute for any invalid, illegal or unenforceable
provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of
such invalid, illegal or unenforceable provision. Without limiting the foregoing, if any court of competent jurisdiction determines that
any part hereof is unenforceable because of the duration, geographic area covered, scope of such provision, or otherwise, such court will
have the power to reduce the duration, geographic area covered or scope of such provision, as the case may be, and, in its reduced form,
such provision will then be enforceable. The Subject Party will, at a Covered Party’s request, join such Covered Party in requesting
that such court take such action.

 

(d) Amendment;
Waiver. This Agreement may not be amended or modified in any respect, and the observance of any term of this Agreement may not be
waived (either generally or in a particular instance), except in each case by a prior written consent executed by the Covered Parties
(acting pursuant to clause (e) below) and the Subject Party. No waiver will be effective unless it is expressly set forth in a written
instrument executed by the waiving party (and if such waiving party is a Covered Party) and any such waiver will have no effect except
in the specific instance in which it is given. Any delay or omission by a party in exercising its rights under this Agreement, or failure
to insist upon strict compliance with any term, covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant,
condition or right, nor will any waiver or relinquishment of any right or power under this Agreement at any time or times be deemed a
waiver or relinquishment of such right or power at any other time or times.

 

    6

     

    

 

(e) Authorization
on Behalf of Covered Parties. The parties acknowledge and agree that enforcement of the Purchaser and/or any other Covered Parties’
rights and remedies, and the grant of any waivers or amendments under this Agreement may be made, taken and authorized on behalf of the
Covered Parties only following the affirmative vote or consent of a majority of the Disinterested Independent Directors. For purposes
of this Agreement, a “Disinterested Independent Director” means an independent director (as defined under the
rules and regulations of The Nasdaq Stock Market) serving on the Purchaser’s board of directors at the applicable time of determination,
that is not a pre-Closing Company shareholder, an Affiliate of a pre-Closing Company shareholder, or an officer, director, manager, employee,
trustee or beneficiary of a pre-Closing Company shareholder or its Affiliate, nor an immediate family member of any of the foregoing.
Without limiting the foregoing, in the event that a pre-Closing Company shareholder or its Affiliate serves as a director, officer, employee
or other authorized agent of the Purchaser, the pre-Closing Company shareholder or its Affiliate shall have no authority, express or implied,
to act or make any determination on behalf of the Purchaser in connection with this Agreement or any dispute, action or legal proceeding
respect hereto.

 

(f) Governing
Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York
without regard to the conflict of laws principles thereof. All Actions arising out of or relating to this Agreement shall be heard and
determined exclusively in any state or federal court located in the County of New York, New York (or in any appellate courts thereof)
(the “Specified Courts”). Each party hereto hereby (a) submits to the exclusive jurisdiction of any Specified
Court for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, (b) irrevocably waives,
and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought
in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may
not be enforced in or by any Specified Court and (c) waives any bond, surety or other security that might be required of any other party
with respect thereto. Each party agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by Law or in equity. Each party irrevocably consents to the service of the summons
and complaint and any other process in any other action or proceeding relating to the transactions contemplated by this Agreement, on
behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable address set forth in
Section 7(a). Nothing in this Section 7(f) shall affect the right of any party to serve legal process in any other manner
permitted by Law.

 

(g) WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 7(g). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7(g) WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

    7

     

    

 

(h) Successors
and Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Subject Party and the Subject Party’s estate,
successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns. Each Covered
Party may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person which acquires,
in one or more transactions, at least a majority of the equity securities (whether by equity sale, merger or otherwise) of such Covered
Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as a whole, without obtaining the consent
or approval of the Subject Party. The Subject Party agrees that the obligations of the Subject Party under this Agreement are personal
and will not be assigned by the Subject Party. Each of the Covered Parties is express third party beneficiary of this Agreement and will
be considered parties under and for purposes of this Agreement.

 

(i) Construction.
The Subject Party acknowledges that the Subject Party has been represented, or had the opportunity to be represented by, counsel of the
Subject Party’s choice. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party will
not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor the negotiating history of this
Agreement will be used or referred to in connection with the construction or interpretation of this Agreement. The headings and subheadings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
In this Agreement: (i) the words “include,” “includes” and “including” when used herein shall be deemed
in each case to be followed by the words “without limitation”; (ii) the definitions contained herein are applicable to the
singular as well as the plural forms of such terms; (iii) whenever required by the context, any pronoun shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (iv)
the words “herein,” “hereto,” and “hereby” and other words of similar import shall be deemed in each
case to refer to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement; (v) the word “if”
and other words of similar import when used herein shall be deemed in each case to be followed by the phrase “and only if”;
(vi) the term “or” means “and/or”; and (vii) any agreement or instrument defined or referred to herein or in any
agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented,
including by waiver or consent and references to all attachments thereto and instruments incorporated therein.

 

(j) Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which
when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. A photocopy,
faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same validity and enforceability
as an originally signed copy.

 

(k) Effectiveness.
This Agreement shall be binding upon the Subject Party upon the Subject Party’s execution and delivery of this Agreement, but this
Agreement shall only become effective upon the Closing of the Merger. In the event that the Merger Agreement is validly terminated in
accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate and become null
and void, and the parties shall have no obligations hereunder.

 

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]

 

    8

     

    

 

IN WITNESS WHEREOF, the undersigned
has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the date first written above.

 

	 	Subject Party:
	 	 
	 	Hai Shi
	 	 
	 	By:	/s/ Hai Shi
	 	Name:  	 
	 	Title: 	 

 

	 	Address for Notice:
	 	 
	 	Address:	 
	 	 
	 	 
	 	Facsimile No.:	 
	 	Telephone No.:	 
	 	Email:	 

 

    9

     

    

 

	Acknowledged and accepted as of the date first written above:
	 	 
	The Purchaser: 	 
	 	 
	Malacca Straits Acquisition Company Limited	 
	 	 
	By:	/s/ Gordon Lo	 
	Name: 	 Gordon Lo	 
	Title:	Chief Executive Officer and President	 
	 	 
	The Company:	 
	 	 
	Indiev, Inc.,	 
	in its capacity as the Company as defined hereunder
	 
	By:	/s/ Starr Kim	 
	Name: 	Starr Kim	 
	Title:	Secretary	 

 

 

10

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