Document:

Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of [ ], 2021 by and between A SPAC I Acquisition Corp., a British
Virgin Islands company (the “Company”), and Continental Stock Transfer & Trust Company, as New York corporation (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-258184 (the “Registration Statement”) and prospectus (the
 “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists
of one share of the Company’s Class A ordinary shares, no par value (the “Ordinary Share”) and one right
to receive one-tenth of one Class A ordinary share (such initial public offering hereinafter referred to as the “IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the U.S. Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated [ ], 2021 (the “Underwriting Agreement”), with Chardan Capital Markets, LLC (“Chardan”)
acting as the underwriter in the IPO;

 

WHEREAS, if a Business Combination
is not consummated within the initial 12 month period following the closing of the IPO, the Company’s insiders may extend such period
two times by an additional three-months each time, up to a maximum of 18 months in the aggregate, by depositing $800,000 (or $920,000
if the Underwriters’ over-allotment option is exercised in full) into Trust Account (as defined below) no later than the 12 month
anniversary of the IPO or the 15 month anniversary of the IPO (each, an “Applicable Deadline”), as applicable, for each three-month
extension (each, an “Extension”), in exchange for which they will receive promissory notes;

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of
Association, $83,370,000 of the gross proceeds of the IPO and a private placement taking place simultaneously therewith ($95,730,000
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, no 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”);

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $2,800,000, or $3,220,000 if the Underwriters’ over-allotment option is exercised
in full, is attributable to deferred underwriting discounts and commissions (the “Deferred Discount”) that will be payable
by the Company to the Underwriters upon and concurrently with the consummation of the Business Combination; 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.

 

     

     

    

 

NOW THEREFORE, 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”), which Trust Account shall be established by the Trustee in the United States at JPMorgan Chase Bank, N.A. (or at another
U.S. chartered commercial bank with consolidated assets of $100 billion or more) 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 written instruction of the Company, invest and reinvest the Property solely in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 promulgated under the Investment Company Act (or any successor rule), which invest only in direct U.S.
government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest while
account funds are uninvested awaiting the Company’s instructions hereunder and while the account funds are invested or uninvested,
the Trustee may earn bank credits or other consideration during such periods;

 

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

 

(e)              Promptly
notify the Company and Chardan of all communications received by the Trustee with respect to any Property requiring action by the Company;

 

(f)              Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(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, and to such other person as the Company may instruct, 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 (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or
Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President,
Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the
 “Board”) or other authorized officer of the Company and, in the case of Exhibit A, acknowledged and
agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account,
including interest not previously released to the Company to pay its taxes or to fund the Company’s working capital
requirements (less up to $50,000 of interest that may be released to the Company to pay dissolution expenses in the case of a
Termination Letter in the form of Exhibit B hereto), only as directed in the Termination Letter and the other documents referred to
therein; or (y) upon the date which is, the later of (1) 12 months after the closing of the IPO and (2) such later date as
may be approved by the Company’s shareholders in accordance with the Company’s Amended and Restated Memorandum and
Articles of Association if 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
15 or 18 months from the closing of the IPO but has not completed the Business Combination within such 15- or 18-month period, the
15- or 18-month anniversary of the Closing (as applicable, the “Last Date”), the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached hereto as Exhibit B hereto and the Property in the Trust
Account, including interest not previously released to the Company to pay its taxes or to fund the Company’s working capital
requirements (less up to $50,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed
to the Public Shareholders as of the Last Date, provided, however, that in the event the Trustee receives a Termination Letter
in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it
has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the
Trust Account open until twelve (12) months following the date the Property has been distributed to the Public
Shareholders;

 

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(j)                
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, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by
the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on
the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment,
and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient
cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated
by the Company in writing to make such distribution, so long as such distribution shall not result in a reduction in the principal amount
initially deposited in the Trust Account (plus the amount per share deposited in the Trust Account pursuant to any Extension Letter);
provided, further, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be
accompanied by a copy of the franchise tax bill from the British Virgin Islands for the Company (it being acknowledged and agreed that
any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request
of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall
have no responsibility to look beyond said request.

 

(k)              
 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 D, distribute on behalf of the Company the amount requested by the Company to be used to redeem Ordinary Shares from Public
Shareholders properly submitted for redemption in connection with a shareholder vote to approve (i) an amendment to the Amended and Restated
Memorandum and Articles of Association to modify the substance or timing of the ability of Public Shareholders to seek redemption in connection
with an initial Business Combination or the Company’s obligation to redeem 100% of its public shares of Ordinary Shares if the Company
has not consummated an initial Business Combination within such time as is described in the Amended and Restated Memorandum and Articles
of Association or (ii) an amendment with respect to any other provision of the Amended and Restated Memorandum and Articles of Association
relating to shareholders’ rights or pre-initial Business Combination activity. The written request of the Company referenced above
shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility
to look beyond said request;

 

(l)                
Reserved;

 

(m)            
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E 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.

 

(n)              
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 $10.10 per share (plus the amount per share deposited in the Trust Account
pursuant to any Extension Letter).

 

(o)              
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.

 

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

 

(q)              
Promptly acknowledge, in writing to any redeeming Public Shareholder and the Company, any irrevocable instruction letter in the
form of Exhibit G 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 G 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);and

 

(r)               
 Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j), (k), (l),
(m), (n), (o), (p), or (q) above.

 

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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 or to fund the Company’s working capital requirements.

 

(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) or Section 1
(k) hereof.

 

(c)             The
Company shall provide Chardan 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.

 

(d)             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.

(e)             The
Company shall, promptly following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business
Combination has been extended.

 

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, Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to
its duties under Sections 1(i), 1(j), 1(k), 2(a) and 2(b) hereof, 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 and with reasonable care, 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 losses suffered by the Trustee in connection with any
action taken by it hereunder and in connection with any 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 interest earned on the Property, except for expenses and losses resulting from the
Trustee’s gross negligence, fraud 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 Section 3(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified
Claim”). 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 such 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 the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee 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 fee unless and until the closing of the Business Combination. The Company shall pay the
Trustee the initial acceptance fee and the first annual administration fee at the consummation of the IPO. The Trustee shall refund to
the Company the annual administration fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account.
The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 3(c), Schedule
A and as may be provided in Section 3(b) hereof;

 

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(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.

 

(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), Section 1(j) or Section 1(k) 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 $80,800,000 (or $92,920,000 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.

 

(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 F to the Trustee
directing the Trustee to disburse no less than $10.10 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 G 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 G, (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 G (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.

 

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

 

(a)             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;

 

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

 

(c)             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;

 

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

 

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

 

(f)              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;

 

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(g)              
 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 Trustee’s best judgment, except for the Trustee’s gross negligence, fraud 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, which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with reasonable care, 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;

 

(h)              
Verify the accuracy of the information contained in the Registration Statement;

 

(i)                
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;

 

(j)                
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;

(k)              
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); and

 

(l)                
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Section 1(i),
Section 1(j), 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 pending which the Trustee shall continue to 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
(90) 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 and its obligations in accordance with the provisions
of Section 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall
terminate except with respect to Section 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 confidential information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee shall 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. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the funds.

 

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

 

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(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(k), 1(m), 1(n), 3(g), 3(h) 7(c) and 7(h) (which may only be amended with the approval of the holders of at
least 50% or more of all then outstanding ordinary shares, no par value, of the Company voting together as a single class provided that
all Public Shareholders must be given the right to receive a pro-rata portion of the trust account (no less than $10.10 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 Chardan. 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, State
of New York, 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.

 

(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 electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis E. Wolf, Jr. and Celeste Gonzales

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

A SPAC I Acquisition Corp.

Cheung Kong Center,

58th Floor, Unit 5801

2 Queens Road Central

Central

Hong Kong

Attn: Claudius Tsang

 

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

 

Chardan Capital Markets, LLC

17 State Street

21st Floor

New York, NY 10004

Fax No.: [ ]

and

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.

Fax No.: (212) 407-4990

and

Hunter Taubman Fischer & Li LLC

800 Third Avenue

Suite 2800

New York, NY 1002

Attn: Lou Taubman

Fax No.: [ ]

 

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

 

(g)              
Each of the Company and the Trustee 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. The Trustee acknowledges and agrees that it shall
not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust
Account under any circumstance.

 

(h)              
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)                
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission
shall constitute valid and sufficient delivery thereof.

 

(j)                
Each of the Company and the Trustee hereby acknowledges and agrees that the Representatives, on behalf of the Underwriters, are
third party beneficiaries of this Agreement.

 

(k)              
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any person
or entity.

 

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

 

	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Trustee
	 
	 
	 	By:	 
	 	 	Name: Francis Wolf
	 	 	Title: Vice President

 

	 	A SPAC I ACQUISITION CORP.
	 
	 
	 	By:	 
	 	 	Name: Claudius Tsang
	 	 	Title: Chief Executive Officer
	 

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1	 	Billed to Company upon delivery of service pursuant to Section 1	 	 	Prevailing rates	 

 

     

     

    

 

EXHIBIT A

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between A SPAC I Acquisition Corp. ( the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [ ], 2021 (the “Trust Agreement”), this
is to advise you that the Company has entered into an agreement with [___________] (the “Target Business”) to consummate
a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall
notify you at least 72 hours (or such shorter time as you may agree) in advance of the actual date fixed for the consummation of the Business
Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all the assets of the Trust Account such that, on the Consummation
Date, all of the 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 (including as directed to it by Chardan (with respect to the Deferred Discount)). 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, or
will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Company (the
 “Notification”) and (ii) the Company shall deliver to you (a) a certificate of its Chief Executive
Officer (the “Vote Verification Certificate”), which verifies either that (i) the Business Combination has been
approved by a vote of the Company’s shareholders, if a vote is held or (ii) no vote of the Company’s shareholders for
the approval of the Business Combination is required and none has been held, and (b) a joint written instruction signed by the
Company and Chardan with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to Public
Shareholders who have properly exercised their redemption rights and payment of the Deferred Discount to Chardan from the Trust
Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the Notification, the Vote Verification Certificate 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 in writing of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the
Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to
liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

    A-1

     

    

 

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 you of written instructions from the Company, the funds held
in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following
such original Consummation Date as set forth in such notice or as soon thereafter as possible.

 

	 	Very truly yours,
	 	 	 
	 	A SPAC I ACQUISITION CORP.
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title: Secretary/Assistant Secretary
	 	 	 
	Acknowledged and Agreed:	 	 
	 	 	 
	Chardan Capital Markets, LLC	 	 
	 	 	 
	By:       	                   	 	 
	Name:	 	 
	Title:	 	 

 

    A-2

     

    

 

EXHIBIT B

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Trust Account - Termination Letter

 

Dear Ladies and Gentlemen:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between A SPAC I Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [ ], 2021 (the “Trust Agreement”), this
is to advise you that the Company has been unable to effect a Business Combination 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 but not defined herein 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 of the assets in the Trust Account and to keep the total proceeds thereof
in the Trust Account to await distribution to the Public Shareholders. The Company has selected [                   , 2021]1 as
the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record, and in your separate capacity as Paying Agent, agree 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, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	A SPAC I ACQUISITION CORP.
	 	 
	 	By: 	                         
	 	Name:
	 	Title:
	 	 
	 	By: 	 
	 	Name:
	 	Title: Secretary/Assistant Secretary
	 	 
	cc: Chardan Capital Markets, LLC	 

 

 

112 months from the closing of the
IPO

    B-1

     

    

 

EXHIBIT C

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:       Trust Account - [Tax][Working Capital]
Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between A SPAC I Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “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. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay [for the tax obligations as set forth on the attached tax return or tax statement][its working capital expenses]. 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]

 

	 	Very truly yours,
	 	 
	 	A SPAC I Acquisition Corp.
	 	 
	 	By 	                
	 	Name:
	 	Title:
	 	 
	cc: Chardan Capital Markets, LLC	 

 

    C-1

     

    

 

EXHIBIT D

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Shareholder
Redemption Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between A SPAC I Acquisition Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver $         of the principal and interest income earned
on the Property as of the date hereof to a segregated account held by you on behalf of Public Shareholders who have properly elected to
have their Ordinary Shares that were sold by the Company in the IPO (the “Public Shares”) redeemed by the Company as
described below. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay the Public Shareholders who have properly elected to have their Public Shares redeemed by the Company in connection with a shareholder
vote to approve an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to modify the substance
or timing of the ability of Public Shareholders to seek redemption in connection with an initial Business Combination or the Company’s
obligation to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within such time as
is described in the Company’s Amended and Restated Memorandum and Articles of Association or to affect provisions of the Company’s
Amended and Restated Memorandum and Articles of Association relating to the Company’s pre-initial Business Combination activity
or related stockholder rights. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon
your receipt of this letter to a segregated account held by you on behalf of such Public Stockholders.

 

	 	Very truly yours,
	 	 
	 	A SPAC I Acquisition Corp.
	 	 
	 	By 	                
	 	 	Name:
	 	 	Title:
	 	 
	cc: Chardan Capital Markets, LLC	 

 

    D-1

     

    

 

EXHIBIT E

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Extension Letter

 

Ladies and Gentleman:

 

Pursuant to Section 1(l) of the Investment Management
Trust Agreement between A SPAC I Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company, 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 [$800,000] [(or $920,000 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 two Extension Letters.

 

	 	Very truly yours,
	 	 
	 	A SPAC I Acquisition
    Corp.
	 	 
	 	By:	                
	 	 	Name:
	 	 	Title:
	 	 
	cc: Chardan Capital Markets, LLC	 

 

    E-1

     

    

 

EXHIBIT F

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Irrevocable Instruction in Connection with Business Combination

 

Ladies and Gentlemen:

 

Pursuant to paragraphs 1(p) and 3(g) of the Investment
Management Trust Agreement between A SPAC I Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as [ ], 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 $10.10 (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) promptly deliver to the Shareholder the amounts
specified in clause (i), less a processing fee of $350 per transaction received. 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.

 

    F-1

     

    

 

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]

 

	 	Very truly yours,
	 	 	 
	 	A SPAC I ACQUISITION CORP.
	 	 	 
	 	By:	     
	 	 	Name:
	 	 	Title:
	 	 	 
	Acknowledged and Agreed:	 	 
	 	 	 
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee	 	 
	 	 	 
	Name: 	                       	 	 
	Title:	 	 	 
	 	 	 
	Cc: [SHAREHOLDER].	 	 

 

Attachments:

Shareholder Wire Instructions

Shareholder Tax Form (W-9/8)

Callback telephone number to verify wire instructions,
sent separatelyShare advice or instruction

 

    F-2

     

    

 

EXHIBIT G

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account -
Irrevocable Instruction in Connection with Business Combination

 

Ladies and Gentleman:

 

Pursuant to paragraphs 1(p) and 3(h) of the Investment
Management Trust Agreement between A SPAC I Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“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 $10.10 (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). Our wire instructions are attached. We understand that a servicing fee of $350 will deducted from
our payment. A share advice or DWAC instruction from our broker and copy of a valid government-issued ID of the signer are 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.

 

[remainder of page intentionally left blank]

 

    G-1

     

    

 

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.

 

	 	Very truly yours,
	 	 
	 	[SHAREHOLDER (Include full address, email address and phone number for callback confirmation of wire instructions)]
	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

Acknowledged and Agreed:

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
as Trustee

 

Name:

Title:

		Cc:	A SPAC I Acquisition Corp.

Cheung Kong Center

58th Floor, Unit 5801

2 Queen Road Central

Central

Hong Kong

Attn: Claudius Tsang, Chief Executive Officer

 

Attachments:

Shareholder Wire Instructions

Shareholder tax form (W-9/8)

Callback telephone number to verify wire instructions,
sent separately

Share advice or instruction

 

    G-2Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of [__], 2021, is made and entered into by and among A SPAC I Acquisition Corp.,
a British Virgin Islands business company (the “Company”), A SPAC (Holdings) Acquisition Corp., a British Virgin
Islands business company (the “Sponsor”) and each additional undersigned party listed on the signature page hereto,
if any (each such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of
this Agreement, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
the Company and the Sponsor have entered into those certain Securities Subscription Agreements (the “Founder Shares Purchase
Agreements”), dated as of June 7, 2021, 2021 and July 19, 2021, pursuant to which the Sponsor purchased an aggregate of
2,300,000 (the “Founder Shares”) of the Company’s Class A ordinary shares, no par value (the “Ordinary
Shares”) and one Class B Ordinary Share (the “Class B Ordinary Share”);

 

WHEREAS,
the Class B ordinary share will automatically be canceled at the time of the Company’s initial Business Combination, on the terms
and conditions provided in the Company’s amended and restated memorandum and articles of association;

 

WHEREAS,
on [ ], 2021, the Company entered into that certain Unit Subscription Agreement with the Sponsor, pursuant to which the Sponsor agreed
to purchase an aggregate of 337,000 units (or up to 373,000 units if the over-allotment option in connection with the Company’s
initial public offering (the “Offering”) is exercised in full) simultaneously with the closing of the Offering
(and the closing of the over-allotment option, if applicable) (the “Private Placement Units”) at a purchase
price of $10.00 per Private Placement Unit. Each Private Placement Unit is comprised of one Ordinary Share (the “Private
Placement Shares”) and one right to receive one-tenth of one Ordinary Share (the “Private Placement Rights”);
and

 

WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

     

     

    

 

ARTICLE
I

DEFINITIONS

 

1.1             
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement,
have the respective meanings set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief
Financial Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required
to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case
of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would
not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide
business purpose for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business Combination”
shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one
or more businesses, involving the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

“Demanding Holder”
shall have the meaning given in subsection 2.1.1.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-1”
shall have the meaning given in subsection 2.1.1.

 

“Form S-3”
shall have the meaning given in subsection 2.3.

 

“Founder Shares”
shall have the meaning given in the Recitals hereto and shall be deemed to include the Ordinary Shares issuable upon conversion thereof.

 

“Founder Shares Lock-up Period”
shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) six months after the completion of the Company’s
initial Business Combination or (B) subsequent to the Business Combination, (x) if the last sale price of the Ordinary Shares
equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination or (y) the
date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in
all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.

 

    2 

     

    

 

“Founder Shares
Purchase Agreement” shall have the meaning given in the Recitals hereto.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Insider Letter”
shall mean that certain letter agreement, dated as of [__], 2021, by and between the Company, the Sponsor and each of the Company’s
officers, directors and director nominees.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which
they were made not misleading.

 

“Ordinary Shares”
shall have the meaning given in the Recitals.

 

“Permitted
Transferees” shall have the same meaning given in the Company’s registration statement on Form S-1, No. 333- 258184 
and shall also include a person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities
prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may
be, under the Insider Letter, this Agreement, and any other applicable agreement between such Holder and the Company, and to any transferee
thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.

 

“Private Placement Lock-up Period”
shall mean, with respect to Private Placement Units, including Private Placement Shares and Private Placement Rights included in the Private
Placement Units and Private Placement Rights that are held by the initial purchasers of such Private Placement Units or their Permitted
Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.

 

“Private Placement
Rights” shall have the meaning given in the Recitals hereto.

 

“Private Placement
Shares” shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Prospectus Date”
shall mean the date of the final prospectus filed with the Commission and relating to the Company’s initial public offering.

 

    3 

     

    

 

“Registrable
Security” shall mean (a) the Ordinary Shares issued or issuable upon the conversion of any Founder Shares,
(b) the Private Placement Units, (c) the Private Placement Rights (including any Ordinary Shares issued or issuable upon the
conversion of any such Private Placement Rights), (d) the Private Placement Shares, (e) any outstanding Ordinary Shares or any other
equity security (including the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company
held by a Holder as of the date of this Agreement, (f) any equity securities (including the Ordinary Shares issued or issuable
upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up
to $1,150,000 made to the Company by a Holder, and (g) any other equity security of the Company issued or issuable with respect
to any such Ordinary Shares by way of a share dividend or share split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular
Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect
to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been
otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities
Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
(but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker,
dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration
and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any securities exchange on which the Ordinary Shares are then listed;

 

(B) fees and expenses
of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection
with blue sky qualifications of Registrable Securities);

 

(C) printing, messenger,
telephone and delivery expenses;

 

(D) reasonable fees and
disbursements of counsel for the Company;

 

(E) reasonable fees and
disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;
and

 

(F) reasonable fees and
expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration
to be registered for offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

    4 

     

    

 

“Requesting Holder”
shall have the meaning given in subsection 2.1.1.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Working Capital
Units” means any units held by the Sponsor, officers or directors of the Company or their affiliates which may be issued
in payment of working capital loans made to the Company.

 

ARTICLE
II

REGISTRATIONS

 

2.1             
Demand Registration.

 

2.1.1        Request
for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and
from time to time on or after the date the Company consummates the Business Combination, the Holders of at least a majority in
interest of the then-outstanding number of Registrable Securities (the “Demanding Holders”) may make a
written demand for Registration under the Securities Act of all or part of their Registrable Securities, which written demand shall
describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution
thereof (such written demand a “Demand Registration”). The Company shall, within ten (10) days of the
Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand,
and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable
Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such
Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the
Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the
Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be
entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall
effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt
of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders
pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of
three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or
all Registrable Securities; provided, however, that a Registration shall not be counted for such purposes
unless a Form S-1 or any similar long-form registration statement that may be available at such time
(“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting
Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance
with Section 3.1 of this Agreement.

 

2.1.2       
Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this
Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration
Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the
Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant
to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or
any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing, but in no event later than five (5) days, of such election; and provided, further,
that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been
previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

    5 

     

    

 

2.1.3       
Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof,
if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering
of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of
such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon
such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such
Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an
Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the
Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating
the Demand Registration.

 

2.1.4        Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the
dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell,
taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary Shares,
if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held
by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be
sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or
the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the
 “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows:
(i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the
respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in
such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders
have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata,
based on the respective number of Registrable Securities that each Holder has so requested) exercising their rights to register
their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number of
Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the Ordinary Shares or other equity securities that the Company desires to sell or its designees, which
can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other equity securities
of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.5       
Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration
or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall
have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification
to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness
of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such
Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with a Registration pursuant to a Demand Registration as provided in Section 3.3 prior
to its withdrawal under this subsection 2.1.5.

 

    6 

     

    

 

2.2             
Piggyback Registration.

 

2.2.1        Piggyback
Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a
Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of
the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant
to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee
share option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing
shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a
dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable
Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration
Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended
method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and
(B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable
Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration
a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be
included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a
proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to
this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any
similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their
Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an
underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

2.2.2       
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is
to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback
Registration in writing that the dollar amount or number of the Ordinary Shares that the Company desires to sell, taken together with
(i) the Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements
with persons or entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration
has been requested pursuant to Section 2.2 hereof, and (iii) the Ordinary Shares, if any, as to which Registration
has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds
the Maximum Number of Securities, then:

 

(a)              
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first,
the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number
of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof,
Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares, if any, as to which Registration
has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold
without exceeding the Maximum Number of Securities;

 

    7 

     

    

 

(b)               If
the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
shall include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such requesting
persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of
Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to subsection 2.2.1, pro rata based on the number of Registrable Securities that each Holder has requested be
included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested to be
included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary
Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of
Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of other persons or entities that
the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can
be sold without exceeding the Maximum Number of Securities.

 

2.2.3       
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result
of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed
with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
connection with the Piggyback Registration as provided in Section 3.2 prior to its withdrawal under this subsection
2.2.3.

 

2.2.4       
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3              Registrations
on Form S-3. The Holders of Registrable Securities may at any time, and from time to time, request in writing that the
Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission),
register the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration
statement that may be available at such time (“Form S-3”); provided, however,
that the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the
Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration
on Form S-3, the Company shall promptly give written notice of the proposed Registration
on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter
wishes to include all or a portion of such Holder’s Registrable Securities in such Registration
on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the
notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s
initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such
portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of
Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification given by
such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such
Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such
offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the
Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if
any) at any aggregate price to the public of less than $10,000,000.

 

    8 

     

    

 

2.4             
Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to
the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after
the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior
to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith,
all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten
Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in
the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result
that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such
Holders a certificate signed by a Director of the Board stating that in the good faith judgment of the Board it would be seriously detrimental
to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of
such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty
(30) days.

 

ARTICLE
III

COMPANY PROCEDURES

 

3.1             
General Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required
to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the
sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall,
as expeditiously as possible:

 

3.1.1       
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;

 

3.1.2       
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations
thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold
in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3       
prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such
Holders;

 

3.1.4       
prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and
do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;

 

    9 

     

    

 

3.1.5       
cause all such Registrable Securities included in any registration to be listed on such exchanges or otherwise designated for trading
in the same manner as similar securities issued by the Company are then listed or designated or, if no such similar securities are then
listed or designated, in a manner satisfactory to the holders of a majority-in-interest of the Registrable Securities included in such
registration;

 

3.1.6       
provide a transfer agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

3.1.7       
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8       
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus,
furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

3.1.9       
 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in
effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10   
permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense,
in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however,
that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the
Company, prior to the release or disclosure of any such information;

 

3.1.11   
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an
Underwritten Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily
covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of
the participating Holders;

 

3.1.12   
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date,
of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent,
if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is
being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such
opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13   
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing Underwriter of such offering;

 

    10 

     

    

 

3.1.14   
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the
Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any successor rule promulgated thereafter by the Commission);

 

3.1.15   
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use
its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16   
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders,
in connection with such Registration.

 

3.2             
 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3             
Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such
person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes
all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.

 

3.4             
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or
Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has
received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants
to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion
in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control,
the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend
use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good
faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the
Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any
Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of
the expiration of any period during which it exercised its rights under this Section 3.4.

 

3.5             
Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of
the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants
that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell shares of the Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the
Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written
certification of a duly authorized officer as to whether it has complied with such requirements.

 

    11 

     

    

 

ARTICLE
IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1             
Indemnification.

 

4.1.1       
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and
expenses (including attorneys’ fees) caused by any untrue statement of material fact contained in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished
in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Holder.

 

4.1.2       
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3        Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right
to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may
exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for
any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in
the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

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4.1.4       
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the
transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5       
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party
as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue statement of a material fact or omission to state a material fact, was made by, or relates to information supplied by, such
indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability
of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

ARTICLE
V

MISCELLANEOUS

 

5.1             
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery
in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy,
telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed
sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it
is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at
such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is
refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to:
Cheung Kong Center, 58th Floor, Unit 5801, 2 Queens Road Central, Central, Hong Kong, and, if to any Holder, at such Holder’s
address or facsimile number as set forth in the Company’s books and records. Any party may change its address for notice at any
time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days
after delivery of such notice as provided in this Section 5.1.

 

5.2             
Assignment; No Third Party Beneficiaries.

 

5.2.1       
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

5.2.2       
Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the
case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part,
except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee
agrees to become bound by the transfer restrictions set forth in this Agreement.

 

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5.2.3       
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4       
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and Section 5.2 hereof.

 

5.2.5       
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made
other than as provided in this Section 5.2 shall be null and void.

 

5.3             
 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of
which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4             
Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO,
THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS
APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT
OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE
OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

5.5             
Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest
of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this
Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however,
that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as
a holder of the shares of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require
the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure
or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of
any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a
party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.6             
Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in
any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further,
the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms
and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement
shall prevail.

 

5.7             
Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or
(ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in
no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or
any successor rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted
to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount
of securities sold or the manner of sale. The provisions of Section 3.5 and Article IV shall
survive any termination.

 

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5.8             
 Forfeiture. In the event the over-allotment option granted to the Underwriter of the Offering is not exercised in full,
the Holder acknowledges and agrees that it (and, if applicable, any transferee of any of the Class A Ordinary Shares purchased and issued
to the Holder hereunder) shall forfeit any and all rights to such number of the Class A Ordinary Shares purchased and issued to the Holder
hereunder (up to an aggregate of all of the 300,000 Class A Ordinary Shares so purchased and issued and pro rata based upon the percentage
of the over-allotment option exercised) such that immediately following such forfeiture, the Holder (and any such transferees of the Holder)
will own, in total, an aggregate number of the ordinary shares (not including the ordinary shares underlying any private placement units
or warrants (whether comprised in any such units or standing alone) that may be issued to the Holder upon exercise of any warrants or
any securities or rights purchased by the Holder in the Offering or in the aftermarket) equal to 20% of the issued and outstanding ordinary
shares of the Company immediately following the Offering. If any of the Class A Ordinary Shares are forfeited in accordance with this
clause 5.8, then after such time the Holder (or any successor in interest), shall no longer have any rights as a holder of such forfeited
Class A Ordinary Shares, and the Company shall take such action as is appropriate to redeem and cancel such forfeited Class A Ordinary
Shares, which may include by way of the compulsory redemption and cancellation of such Class A Ordinary Shares for nil consideration.
In addition, the Holder hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing
and agrees to take any and all action reasonably requested by the Company necessary to effect any adjustment in this clause 5.8 (including
any such redemption as is referred to herein above).

 

[SIGNATURE PAGES FOLLOW]

 

    15 

     

    

 

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

 

	COMPANY:	 
	 	 
	
    A SPAC I ACQUISITION CORP.

    a British Virgin Islands business company
	 
	 	 	 
	
     

    By:
	 	 
	 	Name:   Claudius Tsang 	 
	 	Title:     Chief Executive Officer, Chief Financial Officer 	 
	
     

    A SPAC (HOLDINGS) ACQUISITION CORP.

    a British Virgin Islands business company
	 
	 	 	 
	
     

    By:
	 	 
	 	Name:   Serena Shie	 
	 	Title:     Authorized Signatory	 

 

[Signature Page to Registration Rights
Agreement]

 

    16

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