Document:

Exhibit 10.5.2

 

_____, 2020

 

Gentlemen:

 

Ackrell SPAC Partners
I Co. (“Corporation”), a blank check company formed for the purpose of acquiring one or more businesses or entities
(a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”). The Corporation currently anticipates selling
units (“Unit”) in the IPO, each comprised of one subunit (“Subunit”) and one-half of a warrant (“Warrant”).
Each subunit consists of one share of common stock, par value $0.0001 per share of the Corporation (“Common Stock”)
and one-half of a Warrant. Each whole Warrant entitles the holder to purchase one share of Common Stock at a price of
$11.50 per share.

 

The undersigned hereby
commits to purchase an aggregate of 50,000 units of the Corporation (“Initial Units”) at $10.00 per Initial Unit for
an aggregate purchase price of $500,000 (the “Initial Purchase Price”). Additionally, if the underwriters in the IPO
(“Underwriters”) exercise their over-allotment option in full or part, the undersigned further commits to purchase
up to an additional 7,500 Units (“Additional Units” and together with the Initial Units, the “Private Units”)
at $10.00 per Additional Unit, for an aggregate purchase price of up to $75,000 (the “Over-Allotment Purchase Price”
and together with the Initial Purchase Price, the “Purchase Price”). At least 24 hours prior to the effective date
(“Effective Date”) of the Corporation’s registration statement filed in connection with the IPO (“Registration
Statement”), the undersigned will cause the Purchase Price to be delivered to the Trust Fund by wire transfer. Simultaneously
with the consummation of all or any part of the over-allotment option, the undersigned shall deposit the pro-rata portion of the
Over-Allotment Purchase Price, based upon the amount of the over-allotment option that has been exercised, without interest or
deduction, into the Trust Fund. The undersigned agrees that if the size of the IPO is increased or decreased for any reason, the
amount of the undersigned’s investment will be either increased or decreased, as applicable, so that the undersigned’s
percentage of the aggregate investment in Private Units made by the undersigned and other investors of the Company remains the
same. If the size of the offering is increased, the undersigned agrees that it will deliver the purchase price for such additional
Private Units as promptly as is reasonably practicable following the increase if it is on the Effective Date. If the size of the
offering is decreased, the unused portion of the Purchase Price shall be returned to the undersigned.

 

The consummation of the
purchase and issuance of the Initial Units and Additional Units (if any) shall occur simultaneously with the consummation of the
IPO and over-allotment option, respectively. If the Corporation does not complete the IPO within thirty (30) days from the Effective
Date, the Purchase Price (without interest or deduction) will be returned to the undersigned.  

 

The Private Units, Subunits
and underlying Warrants (“Private Subunits” and “Private Warrants”, respectively) will be identical to
the units, subunits and warrants to be sold by the Corporation in the IPO, except that:

 

		●	the undersigned agrees to vote the shares of Common Stock
included in the Private Units (“Private Shares”) in favor of any proposed Business Combination;

 

		●	the Private Warrants included in the Private Units and
Private Subunits (i) will not be redeemable by the Corporation and (ii) may be exercised for cash or on a cashless basis, as described
in the Registration Statement, in each case so long as they are held by the undersigned or any of its permitted transferees;

 

		●	the undersigned agrees not to seek conversion, or seek
to sell such shares in any tender offer, in connection with any amendment to the Corporation’s charter documents or any
proposed Business Combination with respect to the Private Shares;

 

		●	the Private Units and underlying securities will not be
transferable by the undersigned until the consummation of a Business Combination (subject to certain exceptions as described in
the Registration Statement and set forth in the warrant agreement governing the Private Warrants);

 

		●	the Private Units, Private Subunits and underlying securities
will be subject to customary registration rights, pursuant to a registration rights agreement on terms agreed upon by the Corporation
and the Underwriters to be filed as an exhibit to the Registration Statement;

 

     

     

    

 

		●	the undersigned will not participate in any liquidation
distribution with respect to the Private Units, Private Subunits or the underlying securities (but will participate in liquidation
distributions with respect to any units or shares of Common Stock purchased by the undersigned in the IPO or in the open market
after the IPO) if the Corporation fails to consummate a Business Combination; and

 

		●	the Private Units, Private Subunits and the underlying
securities will include any additional terms or restrictions as is customary in other similarly structured blank check company
offerings or as may be reasonably required by the Underwriters in order to consummate the IPO, which terms or restrictions will
be described in the Registration Statement.

 

The undersigned acknowledges
and agrees that it will execute agreements in form and substance typical for transactions of this nature necessary to effectuate
the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to the undersigned,
including but not limited to (i) an insider letter, (ii) an escrow agreement and (iii) a registration rights agreement.

 

The undersigned hereby
represents and warrants that, as applicable:

 

	 	(a)	
        it has been advised that the Private
Units, Private Subunits and the underlying securities have not been registered under the Securities Act;

 

	 	(b)	
        it is acquiring the Private Units
and Private Subunits and the underlying securities for its account for investment purposes only;

 

	 	(c)	
        it has no present intention of
        selling or otherwise disposing of the Private Units, Private Subunits or the underlying securities in violation of the
        securities;

 

	 	(d)	
        it is an “accredited investor”
as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended;

 

	 	(e)	
        it has had both the opportunity to
        ask questions and receive answers from the officers and directors of the Corporation and all persons acting on its behalf
        concerning the terms and conditions of the offer made hereunder;

 

	 	(f)	it is familiar with the proposed business, management, financial condition and affairs of the Corporation;

 

	 	(g)	
        it has full power, authority and
        legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the
        transactions contemplated in this letter; and

 

	 	(h)	this letter constitutes a legal, valid and binding obligation, and is enforceable against it.

 

The
undersigned further acknowledges and agrees that the Private Units, Private Subunits and underlying securities and the related
registration rights will be deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and
will therefore, pursuant to Rule 5110(e)(1) of the FINRA Manual, be subject to lock-up for a period of 180 days immediately following
the date of effectiveness or commencement of sales in the IPO, subject to FINRA Rule 5110(e)(2). Additionally, the Private Units,
Private Subunits and underlying securities and the related registration rights may not be sold, transferred, assigned, pledged
or hypothecated during the foregoing 180 day period following the effective date of the Registration Statement except to any underwriter
or selected dealer participating in the IPO and the bona fide officers or partners of the undersigned and any such participating
underwriter or selected dealer. Additionally, the Private Units, Private Subunits and underlying securities and the related registration
rights will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic
disposition of such securities by any person for a period of 180 days immediately following the date of effectiveness or commencement
of sales in the IPO. Additionally, the undersigned may not exercise demand or piggyback rights with respect to the Private Units,
Private Subunits and underlying securities after five (5) and seven (7) years, respectively, from the effective date of the Registration
Statement and may not exercise demand rights on more than one occasion. Furthermore, in compliance with FINRA Rule 5110(f)(2)(G),
the registration rights granted to the undersigned are limited to demand and “piggy back” rights for periods of five
and seven years, respectively, from the effective date of the prospectus related to the IPO and the undersigned may only exercise
its demand rights on one occasion.

 

    2

     

    

 

	Very truly yours,	
	 	 
	EARLYBIRDCAPITAL, INC.	
	 	 
	By:	 	
	 	Name: 	 
	 	Title: 	 
	 	 	 
	Accepted and Agreed:	 
	 	 
	ACKRELL SPAC PARTNERS I CO.	 
	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

[Signature Page to Sponsor Subscription
Agreement]Exhibit 10.6

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of [_____], 2020 (“Agreement”), by and among ACKRELL SPAC PARTNERS I CO., a Delaware corporation (“Company”),
the stockholders of the Company listed on Exhibit A hereto (the “Founders”) and CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, a New York limited purpose trust company (“Escrow Agent”).

 

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

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated [_____], 2020 (“Underwriting Agreement”), with EARLYBIRDCAPITAL,
INC. (the “Representative”) acting as representative of the several underwriters (collectively,
the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 10,000,000
units (“Units”) of the Company, plus an additional 1,500,000 Units if the Representative exercises the over-allotment
option in full. Each Unit consists of one subunit (each, a “Subunit”) and one-half of one warrant (each, a “Warrant”).
Each Subunit consists of one share of Common Stock and one-half of one Warrant, each Warrant to purchase one share of Common Stock,
all as more fully described in the Company’s final Prospectus, dated [_____], 2020 (“Prospectus”) comprising
part of the Company’s Registration Statement on Form S-1 (File No. 333-251060) under the Securities Act of 1933, as amended
(“Registration Statement”), declared effective on [_____], 2020 (“Effective Date”).

 

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

 

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

 

IT IS AGREED:

 

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

 

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

 

3. Disbursement
of the Escrow Shares.

 

3.1 If the over-allotment
option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of
the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return
to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 375,000 by a fraction,
(i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters
upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000. The Company shall promptly provide
notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased
by the Underwriters in connection with the exercise thereof.

 

     

     

    

 

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

 

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

 

4. Rights of
Founders in Escrow Shares.

 

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

 

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

 

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

 

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

 

    2

     

    

 

5. Concerning
the Escrow Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

6. Miscellaneous.

 

6.1 Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough
of Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

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

 

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

 

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

 

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

 

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

 

If to the Company, to:

 

Ackrell SPAC Partners I Co.

2093 Philadelphia
Pike #1968

Claymont, DE
19703

Email: steve@spacpartners.com

 

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

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, New York
10004

Attn: Client Administration
Dept.

Fax No.:

Email: accountadmin@continentalstock.com

 

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

 

EarlyBirdCapital,
Inc.

366 Madison
Ave 8th Floor

New York, NY
10017

Attn: Steven
Levine

Fax No.:

Email: slevine@ebccap.com

 

    4

     

    

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

and:

 

Ellenoff Grossman
& Schole, LLP

1345 Avenue
of the Americas

New York, NY
10105

Attn: Douglas
S. Ellenoff, Esq.

Fax No.: (212)
370-7889

Email: ellenoff@egsllp.com

 

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

 

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

 

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

 

[Signature Page Follows]

 

    5

     

    

 

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

 

	 	ACKRELL SPAC PARTNERS I CO.
	 	 
	 	By:	 
	 	Name:	Michael K. Ackrell
	 	Title:	Chief Executive Officer 
	 	 
	 	ACKRELL SPAC SPONSORS I LLC
	 	 
	 	By:	 
	 	Name:	Stephen N. Cannon
	 	Title:	Managing Member
	 	 	 
	 	 	 
	 	 	William A. Lamkin
	 	 	 
	 	 	 
	 	 	Daniel L. Sheehan
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	Name:	Francis Wolf
	 	Title:	Vice President

 

[Signature Page to Stock Escrow Agreement] 

 

    6

     

    

 

EXHIBIT A

 

	Name and Address of Founder	 	Number of Shares	 
	 	 	 	 
	ACKRELL SPAC SPONSORS I LLC
 2093 Philadelphia Pike #1968 
Claymont, DE 19703
 Attn: Stephen N. Cannon	 	 	2,825,000	 
	William A. Lamkin 
2093 Philadelphia Pike #1968 
Claymont, DE 19703 
	 	 	25,000	 
	Daniel L. Sheehan 
2093 Philadelphia Pike #1968 
Claymont, DE 19703 
	 	 	25,000	 

 

 

7

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