Document:

Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of [_______], 2021 by and between Aquarius I Acquisition Corp. (the “Company”) and American Stock Transfer
& Trust Company, LLC, as trustee (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-257706 (“Registration Statement”) for its initial public offering
of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities
and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS,
Maxim Group LLC (“Maxim”) is acting as the underwriter in the IPO; and

 

WHEREAS, if a Business Combination is not consummated within the initial
12 month period from the date that the registration statement is declared effective, the Company’s insiders may extend such period
by three three-months periods, up to a maximum of 21 months in the aggregate, by depositing $750,000 (or $862,500 if the Underwriters’
over-allotment option is exercised in full) into the Trust Account (as defined below) no later than the 12 month anniversary of the date
that the registration statement is declared effective, the 15 month anniversary of the date that the registration statement is declared
effective, the 18 month anniversary of the date that the registration statement is declared effective, or the 21 month anniversary of
the date that the registration statement is declared effective (each, an “Applicable Deadline”), as applicable, for each three-month
extension (each, an “Extension”), in exchange for which they will receive promissory notes; and 

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, $75,000,000
of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously therewith ($86,250,000 if the
over-allotment option is exercised in full), plus any amount eventually deposited on account of any Extension, will be delivered to the
Trustee to be deposited and held in the Trust Account for the benefit of the Company and the holders of the Company’s ordinary shares,
$0.0001 par value, issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee, including the proceeds from
any loans in connection with an Extension, if any, will be referred to herein as the “Property”; the shareholders for whose
benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders
and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall
hold the Property.

 

IT
IS AGREED:

 

1. Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at Deutsche Bank Trust Company Americas in the United States, maintained by Trustee, and at
a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b) Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) In
a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills,
notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company;

 

(d) Collect
and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,” as
such term is used herein;

 

     

     

    

 

(e) Notify
the Company and Maxim of all communications received by it with respect to any Property requiring action by the Company;

 

(f) Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of its tax
returns;

 

(g) Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the
Company to do so;

 

(h) Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and

 

(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company
by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case of a Termination
Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by Maxim, and complete the liquidation
of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents
referred to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by the 12-month
anniversary of the closing of the IPO (“Closing”) or, in the event that the Company extended the time to complete the Business
Combination for up to 21-months from the closing of the IPO but has not completed the Business Combination within the applicable monthly
anniversary of the Closing, (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth
in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.

 

(j) Upon
receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least five business days
prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified
in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

(k) Not
disburse any amounts from the Trust Account in connection with a Business Combination in the event that the amount per share to be received
by the redeeming Public Shareholders is less than $10.00 per share (plus the amount per share deposited in the Trust Account pursuant
to any Extension Letter).

 

(l) In
connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any other person,
disburse the per share amount to redeeming Public Shareholders (other than shares tendered through the Depository Trust Company) that
have tendered their shares directly to the Trustee.

 

(m) Promptly
acknowledge and comply with any irrevocable instruction letter delivered in the form of Exhibit E delivered by the Company in connection
with the disbursement of funds to a Public Shareholder.

 

(n) Promptly
acknowledge, in writing to any redeeming Public Shareholder and the Company, any irrevocable instruction letter in the form of Exhibit
F delivered by such redeeming Public Shareholder after the announcement by the Company of a proposed Business Combination and promptly
comply with any irrevocable written instruction letter in the form of Exhibit F delivered by such Public Shareholder in connection with
the disbursement of funds to such Public Shareholder if the Company has not notified the Trustee in writing during the Objection Period
that such irrevocable written instruction letter is a Non-Compliant Instruction Letter (as defined below).

 

2. Limited
Distributions of Income from Trust Account.

 

(a) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit
C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to
cover any income or other tax obligation owed by the Company.

 

    2

     

    

 

(b) The
limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided
in Section 2(a), no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof.

 

(c) The
Company shall provide Maxim with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3. Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer, President
or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall
be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes
to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm
such instructions in writing;

 

(b) Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any
and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”); provided, however, that the Trustee’s failure to provide such
notice shall not relieve the Company of its liability hereunder, except to the extent that it is materially prejudiced by such failure.
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain
the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may
not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld
or delayed. The Company may participate in such action with its own counsel;

 

(c) Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is
expressly understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall
be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely in connection with the consummation
of a Business Combination, or pursuant to Section 2(b). The Company shall pay the Trustee the initial acceptance fee and first year’s
fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date;

 

(d) In
connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit or
certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes verifying the vote
of the Company’s shareholders regarding such Business Combination; and

 

(e) In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees
that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

(f) Upon receiving the
written request of a Public Shareholder to do so at any time after the date hereof, provide such Public Shareholder with a copy of any
instruction provided to the Trustee pursuant to Section 1(i) or Section 1(j) along with any Notification (as defined in Exhibit A), Instruction
Letter (as defined in Exhibit A), applicable flow of funds memorandum (or similar document), or any other notice delivered to the Trustee
by the Company regarding the disbursement of Property from the Trust Account resulting in the Property left in the Trust Account being
less than $75,750,000 (or $87,112,500 if the Underwriters’ over-allotment option is exercised in full) plus any amount eventually
deposited on account of any Extension, which, in each case, shall specify to whom the Property shall be disbursed (such written notice,
a “Disbursement Notice” and the date such Public Shareholder receives a Disbursement Notice, a “Disbursement Notice
Date”). Each Disbursement Notice shall be delivered to such Public Shareholder at least two business days prior to the disbursement
of any Property pursuant to Section 1(i) or Section 1(j) and no Property shall be disbursed from the Trust Account prior to the date that
is two business days from the applicable Disbursement Notice Date.

 

    3

     

    

 

(g) At
the request of any Public Shareholder who has removed shares from street name and holds such shares either in certificated or book-entry
form and, except if such shares are held in book-entry form, delivered such certificated shares to the Trustee for purposes of redemption
in connection with a Business Combination, concurrently with the delivery of such shares, solely if such shares are certificated. to
the Trustee, send an irrevocable written instruction letter in the form of Exhibit E to the Trustee directing the Trustee to disburse
no less than $10.00 per share (plus the amount per share deposited in the Trust Account pursuant to any Extension Letter) to such Public
Shareholder.

 

(h) Following
receipt of a copy of an irrevocable written instruction letter in the form of Exhibit F delivered by a Public Shareholder who has removed
shares from street name and holds such shares either in certificated or book-entry form and, except if such shares are held in book-entry
form, delivered such certificated shares to the Trustee for purposes of redemption in connection with a Business Combination to the Trustee,
review such letter to confirm (i) such letter is in the form of Exhibit F, (ii) a Business Combination has been announced on or prior
to the date of such letter and (iii) the number of ordinary shares set forth on such letter to be redeemed is not greater than the number
of ordinary shares held by the applicable Public Shareholder. Solely if the Company cannot confirm the requirements of clauses (i) through
(iii) of this Section 3(h), but not for any other reason, then within two days of the Company’s receipt of the applicable copy
of the irrevocable written instruction letter in the form of Exhibit F (such time period, the “Objection Period”), the Company
will notify the applicable Public Shareholder and the Trustee in writing that such irrevocable written instruction letter is a “Non-Compliant
Instruction Letter” and that the Trustee shall not comply with such letter.

 

(i).
If applicable, the Company shall issue a press release at least three days prior to the Applicable Deadline announcing that, at
least five days prior to the Applicable Deadline, the Company received notice from the Company’s insiders that the insiders
intend to extend the Applicable Deadline;

 

(j).
Promptly following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination
has been extended.

 

4. Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a) Take
any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;

 

(b) Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind
with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to
do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(c) Change
the investment of any Property, other than in compliance with paragraph 1(c);

 

(d) Refund
any depreciation in principal of any Property;

 

(e) Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise
in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee 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 Trustee), 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 Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound
by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the
Trustee are affected, unless it shall give its prior written consent thereto;

 

    4

     

    

 

(g) Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company
or any other action taken by it is as contemplated by the Registration Statement;

 

(h) File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee statements
with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

(i) Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes and
that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a) hereof);

 

(j) Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein; and

 

(k) Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) above.

 

5. Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to,
or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may
have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the
Trust Account and not against the Property or any monies in the Trust Account.

 

6. Termination.
This Agreement shall terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the
Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms
of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited
to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice
from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with
the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or

 

(b) At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with
respect to Paragraph 3(b).

 

7. Miscellaneous.

 

(a) The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred
from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures
to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained
access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon all
information supplied to it by the Company, including account names, account numbers and all other identifying information relating to
a beneficiary, beneficiary’s bank or intermediary bank. The Trustee shall not be liable for any loss, liability or expense resulting
from any error in the information or transmission of the wire.

 

    5

     

    

 

(b) 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. It may be executed
in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument.

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Sections 1(i), 1(m), 1(n), 1(o), 1(p), 3(g), 3(h) 7(c) and 7(h) (which may only be amended with the approval of the holders of at least
50% of the ordinary shares sold in the IPO, provided that all Public Shareholders must be given the right to receive a pro-rata portion
of the trust account (no less than $10.00 per share plus the amount per share deposited in the Trust Account pursuant to any Extension
Letter) in connection with any such amendment), this Agreement or any provision hereof may only be changed, amended or modified by a
writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the
prior written consent of Maxim. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives
the right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

(d) 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.

 

(e) 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 or by facsimile
transmission:

 

if
to the Trustee, to:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Legal Department

Email: legalteamAST@astfinancial.com

 

if
to the Company, to:

 

Aquarius
I Acquisition Corp.

Room 901-903, 9/F, Harbour Centre

25 Harbour Road

Wan Chai, Hong Kong SAR

Attn:
Sze Hau Lee

 

in
either case with a copy (which copy shall not constitute notice) to:

 

Maxim
Group LLC

405
Lexington Ave

New
York, NY 10174

Attn:
Alex Jin

Facsimile:
(212) 895-3773

 

and

 

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central,
Hong Kong SAR

Attn:
Lawrence Venick

Fax
No.: (852) 3923-1100

 

    6

     

    

 

and 

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Barry Grossman, Esq.

         Wei
Wang, Esq.

Facsimile.:
(212) 370-7889

 

(f) This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g) Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder.

 

(h) Each
of the Company and the Trustee hereby acknowledge that Maxim is a third party beneficiary of this Agreement.

 

    7

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	AMERICAN STOCK
    TRANSFER & TRUST COMPANY, LLC, as Trustee
	 	 
	 	By:	 	 
	 	 	Name:  	Michael A. Nespoli
	 	 	Title: 	Executive Director
	 	 
	 	 
	 	AQUARIUS I ACQUISITION
    CORP.
	 	 
	 	By:	 	 
	 	 	Name: 	Sze Hau Lee
	 	 	Title: 	Chief Executive Officer

 

    8

     

    

 

SCHEDULE
A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount	 
	Initial
    acceptance fee	 	Initial
    closing of IPO by wire transfer	 	$	[_______]
	 
	Annual
    fee	 	Initial
    closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	[_______]	 
	Transaction
    processing fee for disbursements to Company under Section 2	 	Deduction
    by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	[_______]	 
	Paying
    Agent services as required pursuant to section 1(i)	 	Billed
    to Company upon delivery of service pursuant to section 1(i)	 	 	Prevailing
    rates	 

 

    Sch. A-1

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account No. [_____________]
    - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Aquarius I Acquisition Corp. (“Company”) and American
Stock Transfer & Trust Company, LLC (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate a business
combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you
at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [__________]
and to transfer the proceeds to the above-referenced account at Deutsche Bank Trust Company Americas to the effect that, on the Consummation
Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall
direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution,
the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies the vote of the
Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the
Company and Maxim Group LLC with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement
of no less than $10.00 per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Shareholders
(“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions
from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

	 	Very truly
    yours,
	 	 	 
	 	AQUARIUS I
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name: 	Sze Hau Lee
	 	Title:	Chief Executive Officer

 

    A-1

     

    

 

	 	By:	 
	 	Name:	 
	 	Title: 	Secretary/Assistant Secretary

 

	Acknowledged
    and Agreed:	 
	 	 	 
	Maxim Group
    LLC	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 

 

    A-2

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account No. [______________]
    - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Aquarius I Acquisition Corp. (“Company”) and American
Stock Transfer & Trust Company, LLC (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Amended and Restated Memorandum and Articles of Association, as described in the Company’s prospectus relating to its IPO. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [______________]
and to transfer the total proceeds to the Trust Operating Account at Deutsche Bank Trust Company Americas to await distribution to the
Public Shareholders. The Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public
Shareholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned
by the Company on the liquidation proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record
and in your separate capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms
of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all
the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly
    yours,
	 	 	 
	 	AQUARIUS I
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name: 	Sze Hau Lee
	 	Title:	Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	Secretary/Assistant Secretary

 

		cc:	Maxim
Group LLC

 

    B-1

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account No. [___________]

 

Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Aquarius I Acquisition Corp. (“Company”) and American
Stock Transfer & Trust Company, LLC (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), the Company hereby
requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof. The Company
needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	AQUARIUS I
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name: 	Sze Hau Lee
	 	Title:	Chief Executive Officer

 

		cc:	Maxim
Group LLC

 

    C-1

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account No. [______________]
    Extension Letter

 

Gentlemen:

 

Pursuant
to Section 1(l) of the Investment Management Trust Agreement between Aquarius I Acquisition Corp. (“Company”) and American
Stock Transfer & Trust Company, LLC, dated as of [*], 2021 (“Trust Agreement”), this is to advise you that the Company
is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional three (3)
months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used
herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit $750,000 (or $862,500 if the underwriters’ over-allotment option was
exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.

 

This
is the ____ of up to three Extension Letters.

 

	 	Very truly
    yours,
	 	 	 
	 	AQUARIUS I
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name: 	Sze Hau Lee
	 	Title:	Chief Executive Officer

 

		cc:	Maxim
Group LLC

 

    D-1

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account No. [______________]
    - Irrevocable Instruction in Connection with Business Combination

 

Gentlemen:

 

Pursuant
to paragraphs 1(m) and 3(g) of the Investment Management Trust Agreement between Aquarius I Acquisition Corp. (“Company”)
and American Stock Transfer & Trust Company, LLC (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this
constitutes our irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement),
disburse a per share amount of $______, for a total disbursement of $__________________which is not less than $10.00 (plus the amount
per share deposited in the Trust Account pursuant to any Extension Letter) to ________________ (the “Shareholder”) for the
_____________________ ordinary shares of the Company delivered to you prior to or concurrently herewith for redemption in connection
with the Business Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and amounts
to the Depository Trust Company, the Company, or any person from whom you have not received an irrevocable instruction substantially
similar to this one. The Shareholder wire instructions are attached. A share advice or DWAC instruction from our broker is also attached.

 

The
Company shall indemnify you and your officers, directors, principals, partners, agents and representatives, and hold each of them harmless
from and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys)
incurred by or asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance
of your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is determined
that you have acted with gross negligence or in bad faith. You shall have no liability to the Company in respect to any action taken
or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you shall be entitled to
rely in this regard on the advice of counsel.

 

The
Board of Directors of the Company has approved the foregoing irrevocable instructions and does hereby extend the Company’s irrevocable
agreement to indemnify your firm for all loss, liability or expense in carrying out the authority and direction herein contained on the
terms herein set forth.

 

The
Shareholder is intended to be and is a third party beneficiary of this letter and the irrevocable instructions set forth herein, and
no amendment or modification to the instructions set forth herein may be made without the prior written consent of the Shareholder.

 

By
signing below, the person executing this letter certifies that they are duly authorized to execute this letter on behalf of the Company
and to bind the Company to all of the terms and conditions contained herein.

 

 

[remainder
of page intentionally left blank]

 

    E-1

     

    

 

	 	Very truly
    yours,
	 	 	 
	 	AQUARIUS I
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:	Sze Hau Lee
	 	Title: 	Chief Executive Officer

 

	Acknowledged
    and Agreed:	 
	 	 	 
	AMERICAN STOCK
    TRANSFER & TRUST COMPANY, LLC, as Trustee	 
	 	 	 
	 	 	 
	Name: 	 Michael A. Nespoli	 
	Title:	Executive Director	 

 

 

		Cc:	[SHAREHOLDER].

 

 

Attachments:

Shareholder
Wire Instructions

Share
advice or instruction

 

    E-2

     

    

 

EXHIBIT
F

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Relationship Management

 

	 	Re:	Trust Account No. [______________]
    - Irrevocable Instruction in Connection with Business Combination

 

Gentlemen:

 

Pursuant
to paragraphs 1(n) and 3(h) of the Investment Management Trust Agreement between Aquarius I Acquisition Corp. (“Company”)
and American Stock Transfer & Trust Company, LLC (“Trustee”), dated as of [_______], 2021 (“Trust Agreement”),
this constitutes our irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement),
disburse a per share amount of $______, for a total disbursement of $_________________which is not less than $10.00 (plus the amount
per share deposited in the Trust Account pursuant to any Extension Letter) per share to ________________ (the “Shareholder”)
for the _____________________ ordinary shares of the Company delivered to you prior to or concurrently herewith for redemption in connection
with the Business Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and amounts
to the Depository Trust Company, the Company, or any person from whom you have not received an irrevocable instruction substantially
similar to this one. Our wire instructions are attached. We understand that a servicing fee of $[250.00] will deducted from our payment.
A share advice or DWAC instruction from our broker is attached.

 

The
Company shall indemnify you and your officers, directors, principals, partners, agents and representatives, and hold each of them harmless
from and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys)
incurred by or asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance
of your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is determined
that you have acted with gross negligence or in bad faith. You shall have no liability to the Company in respect to any action taken
or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you shall be entitled to
rely in this regard on the advice of counsel.

 

The
Board of Directors of the Company does hereby extend the Company’s irrevocable agreement to indemnify your firm for all loss, liability
or expense in carrying out the authority and direction herein contained on the terms herein set forth.

 

No
amendment or modification to the instructions set forth herein may be made without the prior written consent of the Shareholder.

 

By
signing below, the person executing this letter certifies that they are duly authorized to execute this letter on behalf of the Shareholder
and to bind the Shareholder to all of the terms and conditions contained herein.

 

 

[remainder
of page intentionally left blank]

 

    F-1

     

    

 

	 	Very truly
    yours,
	 	 	 
	 	[SHAREHOLDER]
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 

 

Acknowledged
and Agreed:

 

	AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee	 
	 	 	 
	 	 	 
	Name: 	Michael A. Nespoli 	 
	Title:	Executive Director 	 

 

 

	Cc: 	Aquarius I
    Acquisition Corp.	 
		Room 901-903, 9/F, Harbour Centre
    	 
	 	25 Harbour Road
	 
	 	Wan Chai, Hong Kong
	 
	 	Attn: Sze Hau Lee,
    Chief Executive Officer 	 

 

 

Attachments:

Shareholder
Wire Instructions

Share
advice or instruction

 

    F-2Exhibit
10.3

 

STOCK
ESCROW AGREEMENT

 

STOCK
ESCROW AGREEMENT, dated as of [_______], 2021 (“Agreement”), by and among AQUARIUS I ACQUISITION CORP., a Cayman Islands Company
(the “Company”), the initial shareholders listed on Exhibit A attached hereto (each, an “Initial Shareholder”
and collectively the “Initial Shareholders”) and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability
trust company (the “Escrow Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of [*], 2021 (“Underwriting Agreement”), with Maxim Group LLC, acting as the representative
of the underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed
to purchase 7,500,000 units (“Units”) of the Company, plus an additional 1,125,000 Units if the Underwriters exercise their
over-allotment option in full. Each Unit consists of one ordinary share of the Company, $0.0001 par value (an “Ordinary Share”),
one redeemable warrant, each redeemable warrant entitling its holder to purchase one-half (1/2) of one Ordinary Share at an exercise price
of $11.50 per full Ordinary Share, and one right to receive one-tenth (1/10) of an Ordinary Share, 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. 333-257706) under the Securities Act of 1933, as amended (“Registration Statement”), declared
effective on [_______], 2021 (“Effective Date”).

 

WHEREAS,
the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus),
as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter
provided.

 

WHEREAS,
the Company and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided.

 

IT
IS AGREED:

 

1.
Appointment of Escrow Agent. The Company and the Initial Shareholders 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 Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates
representing such Initial Shareholder’s respective Escrow Shares, together with applicable share powers, to be held and disbursed
subject to the terms and conditions of this Agreement. Each of the Initial Shareholders acknowledges that the certificate representing
such Initial Shareholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

3.
Disbursement of the Escrow Shares.

 

3.1
The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and
for 100% of the Escrow Shares, ending the earlier of (i) six month after the date of the consummation of an initial business
combination; or (ii) after the date of the consummation of an initial business combination, and subsequently, we consummate a
liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the right to
exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the reported last sale
price of the ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
initial business combination, the Escrow Shares will be released. The Company shall promptly provide written notice of the
consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse
such amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder;
provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being
liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the
Escrow Shares; provided further, however, that if, any time after the Company consummates a Business Combination, the Company (or
the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in
all of the shareholders of such entity having the right to exchange their Ordinary Shares for cash, securities or other property,
then the Escrow Agent will, upon receipt of a written 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 Initial Shareholders. The Escrow
Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this
Section 3.

 

     

     

    

 

3.2 Notwithstanding Section
3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 1,125,000 Units of the Company in full
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholders agree that the Escrow
Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such holder determined by multiplying
(a) the product of (i) 1,125,000 multiplied by (ii) a fraction, (x) the numerator of which is the number of Escrow Shares held by each
such holder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator of which is 1,125,000
minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 1,125,000. The Company shall promptly provide written notice to the Escrow Agent of the expiration or termination of the Underwriters’
over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

 

4.
Rights of Initial Shareholders in Escrow Shares.

 

4.1
Voting Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein
provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including,
without limitation, the right to vote such shares.

 

4.2
Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with
respect to the Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in shares 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 Company’s
pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees, (ii) if the Initial Shareholder is an entity,
as a distribution to partners, members or shareholders of the Initial Shareholder upon the liquidation and dissolution of the Initial
Shareholder, (iii) by bona fide gift to a member of the Initial Shareholder’s immediate family or to a trust, the beneficiary of
which is the Initial Shareholder or a member of the Initial Shareholder’s immediate family for estate planning purposes, (iv) by
virtue of the laws of descent and distribution upon death of the Initial Shareholder, (v) pursuant to a qualified domestic relations
order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no greater than the price at
which the Private Units were originally purchased or (vii) to the Company for cancellation in accordance with Section 3.2 above or in
connection with the consummation of a Business Combination, in each case, except for clause (vii), on the condition that such 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 (as defined below) signed by the Initial Shareholder transferring the Escrow Shares.

 

4.4
Insider Letters. Each of the Initial Shareholders has executed a letter agreement with Maxim and the Company, dated as indicated
on Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting
the rights and obligations of such Initial Shareholder 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 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.

 

    2

     

    

 

5.2
Indemnification. 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 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. 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 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 Initial Shareholders 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 over to a successor escrow agent appointed by the Company, the Escrow Shares
held hereunder. 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.

 

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 the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon
acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7
Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for
its own gross negligence or its own 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 (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) 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 for all purposes be deemed to be made under and shall be construed 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.

 

6.2
Third Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that Maxim is a third party beneficiaries of this
Agreement and this Agreement may not be modified or changed without the prior written consent of Maxim.

 

    3

     

    

 

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 not be changed or modified except by an instrument in writing signed by the party to the
charged.

 

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 or other communication required or which may be given hereunder shall be in writing and either be delivered
personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If
to the Company, to:

 

Aquarius
I Acquisition Corp.

Room 901-903, 9/F, Harbour Centre

25 Harbour Road

Wan Chai, Hong Kong SAR

Attn:
Sze Hau Lee, Chief Executive Officer

 

If
to a Shareholder, to his address set forth in Exhibit A.

 

and
if to the Escrow Agent, to:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn: Reorg Department

 

A
copy (which copy shall not constitute notice) sent hereunder shall be sent to:

 

Maxim
Group LLC

405
Lexington Ave

New
York, NY 10174

Attn:
Alex Jin

Facsimile:
(212) 895-3773

 

and:

 

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong SAR

Attn:
Lawrence Venick, Esq.

 

    4

     

    

 

and:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn:
Barry Grossman, Esq.

Wei
Wang, Esq.

 

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 Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of
the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

 

[Signature
Page Follows]

 

    5

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	AQUARIUS I ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:	Sze Hau Lee
	 	 	Title:	Chief Executive Officer

 

 

	 	INITIAL
    SHAREHOLDERS:
	 	 
	 	Aquarius Sponsor Limited
	 	 
	 	By:	 
	 	 	Name:	Sze
    Hau Lee
	 	 	Title:	Director

 

	 	 	 
	 	 	Sze
    Hau Lee
	 	 	 
	 	 	 
	 	 	Chunning
    Wang
	 	 	 
	 	 	 
	 	 	Ngai
    Wong
	 	 	 
	 	 	 
	 	 	Chi
    Fai Choi
	 	 	 
	 	 	 
	 	 	Walter
    R. Cook
	 	 	 
	 	 	 
	 	 	Boyu
    Xu
	 	 	 
	 	 	 
	 	 	Feng
    Wu
	 	 	 
	 	 	 
	 	 	Di
    Wu

 

 

	 	AMERICAN STOCK
    TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By:	 
	 	 	Name:	 Michael A. Nespoli
	 	 	Title:	 Executive Director

 

    6

     

    

 

EXHIBIT
A

 

	Name and Address of Initial Shareholder[1]	 	Number 

of Shares	 	 	Date of 

Insider Letter	 
	Aquarius Sponsor Ltd	 	 	2,036,250	 	 	 	[_______], 2021	 
	Sze Hau Lee	 	 	30,000	 	 	 	[_______], 2021	 
	Chunning Wang	 	 	20,000	 	 	 	[_______], 2021	 
	Ngai Wong	 	 	20,000	 	 	 	[_______], 2021	 
	Boyu Xu	 	 	10,000	 	 	 	[_______], 2021	 
	Chi Fai Choi	 	 	10,000	 	 	 	[_______], 2021	 
	Walter R. Cook	 	 	10,000	 	 	 	[_______], 2021	 
	Feng Wu	 	 	10,000	 	 	 	[_______], 2021	 
	Di Wu	 	 	10,000	 	 	 	[_______], 2021	 

 

 

		[1]	The
address of each of the individuals is c/o, Aquarius I Acquisition Corp., Room 901-903, 9/F, Harbour Centre, 25 Harbour Road, Wan Chai,
Hong Kong.

 

    A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]