Document:

Exhibit 10.3

 

, 2022

 

Keyarch Acquisition Corporation

275 Madison Avenue, 39th Floor

New York, New York, 10016

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10016

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this
 “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
 “Underwriting Agreement”) to be entered into by and between Keyarch Acquisition Corporation, a Cayman
Islands exempted company (the “Company”), and EarlyBirdCapital, Inc., as representative (the
 “Representative”) of the several underwriters (each, an “Underwriter” and
collectively, the “Underwriters”), relating to an underwritten initial public offering (the
 “Public Offering”) of 11,500,000 of the Company’s units (including up to 1,500,000 units that may be
purchased to cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share,
par value $0.0001 per share (the “Ordinary Shares”), one-half of one warrant (each whole warrant, a
 “Warrant”) and one right (a “Right”). Each Warrant entitles the holder thereof
to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment, and each Right entitles the holder thereof to
receive 1/10th of one Ordinary Share upon consummation of a Business Combination. The Units shall be sold in the Public Offering pursuant to a registration
statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S.
Securities and Exchange Commission (the “Commission”) and the Company shall apply to have the Units and
the components thereof listed on the Nasdaq Global Market. Certain capitalized terms used herein are defined in Section 1
hereof.

 

In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Keyarch Global Sponsor Limited (the
 “Sponsor”) and the undersigned individuals (each, an “Insider” and collectively,
the “Insiders”), hereby agrees with the Company as follows:

 

1.                  As
used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii)
 “Founder Shares” shall mean 2,875,000 of the Class B ordinary shares, par value $0.0001 per share,
initially issued to the Sponsor (up to 375,000 of which are subject to complete or partial forfeiture by the Sponsor if the
over-allotment option is not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.009 per share, prior
to the consummation of the Public Offering; (iii) “Shares” shall mean, collectively, the Ordinary
Shares and the Founder Shares; (iv) “Initial Shareholders” shall mean the Sponsor and any Insider
that holds Founder Shares; (v) “Private Placement Units” shall mean 500,000 Units, including 450,000
Units to be purchased by the Sponsor and 50,000 Units to be purchased by the Representative (and up to an additional 45,000 Units,
including 40,500 Units to be purchased by the Sponsor and 4,500 Units to be purchased by the Representative, if the over-allotment
is exercised in full), at a purchase price of $10.00 per Private Placement Unit, in a private placement that shall occur
simultaneously with the consummation of the Public Offering; (vi) “Public Shareholders” shall mean
the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust
fund into which a portion of the net proceeds of the Public Offering and proceeds from the sale of Private Placement Units shall be
deposited with Continental Stock Transfer & Trust Company; (viii) “Transfer” shall mean the
(a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission
promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction
specified in clause (a) or (b); and (ix) “Charter” shall mean the Company’s amended and
restated memorandum and articles of association, as the same may be amended from time to time. Terms not otherwise defined herein
shall have the meanings ascribed to such terms in the Prospectus.

 

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2.                 
The Sponsor and each Insider agrees that (A) if the Company seeks shareholder approval of a proposed Business Combination,
then in connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor
of any proposed Business Combination and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder approval,
(B) if the Company engages in a tender offer in connection with any proposed Business Combination as described further in the Prospectus,
it, he or she shall not sell any Shares to the Company in connection therewith and (C) if the Company seeks shareholder approval
of any proposed amendment to the Charter prior to the consummation of a Business Combination, it, he or she shall not redeem any Shares
owned by it, him or her in connection with such shareholder approval. The Sponsor and each Insider further acknowledges and agrees that prior to entering into a Business Combination with a target business
that is affiliated with any Insider or its affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated shareholders from
a financial point of view.

 

3.                  The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the time
period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business
days thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the Units in the
Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay any taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of
then outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as
reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the
Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the
Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law.
The Sponsor and each Insider agrees to not propose any amendment to the Charter as described further in the Prospectus (i) that
would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
complete a Business Combination within the time period described in the Prospectus or (ii) with respect to any other provision
relating to shareholders’ rights or pre-Business Combination activity (including the Company’s obligation to allow holders of Offering Shares to seek redemption of such shares as described in the Prospectus), unless the Company provides its Public Shareholders
with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account
and not previously released to the Company to pay any taxes, divided by the number of then outstanding Offering Shares.

 

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4.                 
The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder
Shares held by it, him or her. The Sponsor and each Insider hereby further waives any claim such Sponsor or Insider may have in the future
as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for
any reason whatsoever except in each case with respect to the Insider’s right to a pro rata interest in the proceeds held in the
Trust Account for any Offering Shares such Sponsor or Insider may hold. The Sponsor and each Insider acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Warrants
or Rights, all rights of which will terminate on the Company’s liquidation.

 

5.                 
In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any
other shareholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become
subject as a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) a prospective
target business (a “Target”); provided, however, that such indemnification of the Company by the Sponsor
shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than the Company’s
independent public accountants) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to
below (i) $10.10 per share of the Offering Shares or (ii) such lesser amount per share of the Offering Shares held in the Trust
Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of
the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third
party (including a Target) who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims
under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of
1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall
not be responsible to the extent of any liability for such third-party claims. The Sponsor shall have the right to defend against any
such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of
the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

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6.                  To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no
cost, up to 375,000 Founder Shares so that the number of Founder Shares will equal of 20% of the sum of the total number of Shares
outstanding at such time (excluding any Units our initial shareholders may purchase in the Public Offering, the private shares and
the founder shares issued to the Representative). The Sponsor and Insiders further agree that to the extent that the size of the
Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with
respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number
of Founder Shares at 20% of the sum of the Shares outstanding at such time (excluding any Units the Sponsor and any Insider may
purchase in the Public Offering, the private shares and the founder shares issued to the Representative and/or its designees).

 

7.                 
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably
injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under Sections 2, 3, 4, 5, 8(a), 8(b)
and 9 as applicable, of this Letter Agreement; (ii) monetary damages may not be an adequate remedy for such breach; and (iii) the
non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity,
in the event of such breach.

 

8.                 
(a)           The Sponsor and each Insider agrees that it, he or she shall not transfer any of their Founder Shares until the earliest
of (a) 180 days after the date of the consummation of the Company’s initial Business Combination or (b) 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 (the “Founder Shares
Lock-up Period”). Jing Lu, our Chief Financial Officer, has an economic interest in up to 201,250 Founder Shares, assuming
full exercise of the underwriters’ over-allotment option. Ms. Lu’s husband is a Senior Managing Director of Revere Securities.
The founder shares that will be allocated to Ms. Lu as a result of her ownership of the economic interest have been deemed compensation
by FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1) commencing on the effective date of the registration
statement filed in connection with the Public Offering.

 

(b)          The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Units (or any securities underlying the Private
Placement Units), until 30 days after the completion of a Business Combination (the “Private Placement Units Lock-up
Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c)          Notwithstanding
the provisions set forth in Sections 8(a) and (b), Transfers of the Founder Shares, Private Placement Units (or any securities
underlying the Private Placement Units) and that are held by the Sponsor, any Insider or any of their permitted transferees (that
have complied with this Section 8(c)), are permitted (a) to the Company’s officers or directors, any affiliates or
family members of any of the Company’s officers or directors, any members of the Sponsor, or any affiliates of the Sponsor or any underwriter and selected dealer participating in the Public Offering and their bona fide officers or partners;
(b) in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the
beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the
individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers by
private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at
which the securities were originally purchased; (f) transfers in the event of the Company’s liquidation prior to the
completion of an initial Business Combination; (g) transfers by virtue of the laws of the Cayman Islands or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; (h) in the event of the Company’s liquidation,
merger, share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having
the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the
Company’s initial Business Combination; and (i) transfers in connection with the Company’s initial Business
Combination with the Company’s consent to any third party; provided, however, that in the case of clauses (a) through
(e), and (h) and (i), these permitted transferees must enter into a written agreement agreeing to be bound by the restrictions
herein.

 

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9.                 
The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in
any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or
revoked. Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus)
is true and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each Insider’s
questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants that: it, he or she
is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or
refrain from any act or practice relating to the offering of securities in any jurisdiction; it or he has never been convicted of, or
pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and it or he is not currently a defendant in any such criminal proceeding.

 

10.              Except
as disclosed in the Prospectus under the heading “Summary – The Offering – Limited Payments to Insiders,” neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any
director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, or cash payments prior to,
or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business
Combination (regardless of the type of transaction that it is).

 

11.             
The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement
and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer and/or director of the Company.

 

12.             
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

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13.             
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this Section shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and
each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14.             
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof; provided, however, EarlyBirdCapital, Inc. as representative of the Underwriters shall be deemed a beneficiary hereof and be entitled
to enforce the provisions of this Agreement. All covenants, conditions, stipulations, promises and agreements contained in this Letter
Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and
assigns and permitted transferees.

 

15.             
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

16.             
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

17.             
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter
Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction
and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue
or that such courts represent an inconvenient forum.

 

18.             
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter 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 facsimile transmission.

 

[SIGNATURE PAGE APPEARS NEXT]

 

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SIGNATURE PAGE
TO INSIDER’S LETTER AGREEMEENT

 

KEYARCH ACQUISITION
CORPORATION

 

This Letter Agreement shall
terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however,
that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by                          ; provided
further that Section 6 of this Letter Agreement shall survive such liquidation.

 

	 	SPONSOR
	 	 
	 	KEYARCH GLOBAL SPONSOR LIMITED
	 	 
	 	By:	
	 	Name:	Kai Xiong
	 	Title:	Chief Executive Officer

 

	Officers and Directors:	 
	 	 
		 
	Kai Xiong	 
	Chief Executive Officer	 
	 	 
		 
	Jing Lu	 
	Chief Financial Officer	 
	 	 
		 
	Fang Zheng	 
	Chairman	 
	 	 
		 
	Mei Han	 
	Director	 
	 	 
		 
	Mark Taborsky	 
	Director	 
	 	 
		 
	Doug Rothschild	 
	Director	 

  

    7Exhibit 10.4

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of [ ], 2022 by and between Keyarch Acquisition Corporation. (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-261500 (“Registration Statement”) and prospectus (“Prospectus”)
for the initial public offering of the Company’s units (“Units”), each of which consists of one Class A ordinary
share, par value $0.0001 per share (“Ordinary Share”) and one-half of one warrant (“Warrant”), each
whole Warrant entitling the holder to purchase one Ordinary Share (such initial public offering referred to as the “IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);

 

WHEREAS, the Company has entered
into an Underwriting Agreement (“Underwriting Agreement”) with EarlyBirdCapital, Inc. as representative (the “Representative”)
of the several underwriters (“Underwriters”) named therein;

 

WHEREAS, as described in the
Prospectus, $101,000,000 ($116,150,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of Units will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times
in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Ordinary Shares included
in the Units issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee and any interest subsequently earned
thereon will be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred
to together as the “Beneficiaries”); and

 

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

 

IT IS AGREED:

 

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

 

(a) Hold the Property in trust
for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee initially at J.P.
Morgan 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 Company that is reasonably satisfactory to the Trustee;

 

(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, either (i) invest and reinvest the Property 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, and/or in any open ended investment company registered under the Investment Company Act that holds
itself out as a money market fund selected by the Company meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment
Company Act, which invest only in direct U.S. government treasury obligations or (ii) cause the brokerage institution referred to in 1(a)
above to place the Property in a cash demand deposit account; it being understood that unless the Company instructs the Trustee to do
either of the foregoing, the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions
hereunder; while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

(i) Commence liquidation of
the Trust Account only after and promptly after 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 and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit
A, jointly acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however,
that in the event that a Termination Letter has not been received by the Trustee within the period of time (the “Last Date”)
provided in the Company’s amended and restated memorandum and articles of association, as the same may be amended from time to time
(the “MAA”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date; and

 

(j) Upon receipt of a letter
(an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by an authorized
officer, distribute to Public Shareholders who exercised their redemption rights in connection with an amendment to the MAA (an “Amendment”)
an amount equal to the pro rata share of the Property relating to the Ordinary Shares for which such Public Shareholders have exercised
redemption rights in connection with such Amendment.

 

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 D, 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 liquidation expenses not to exceed $100,000.

 

(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)
above, no other distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) or 1(j) hereof.

 

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

 

(a) Give all instructions
to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. The Trustee shall be entitled to rely
on such written instructions from the Company confirmed by telephone instruction from a person which the Trustee in good faith believes
to be given by any one of the persons authorized above to give written instructions;

 

(b) Subject to the provisions
of Section 5 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 claim, potential claim, action, suit,
or other proceeding brought against the Trustee which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence, 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 paragraph, 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 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. The Company may participate
in such action with its own counsel;

 

     

     

    

 

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

 

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

 

(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) If the Company has an
Amendment approved by its shareholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit C providing
instructions for the distribution of funds to Public Shareholders who exercise their redemption rights in connection with such Amendment;
and

 

(g) Provide the Representative
with a copy of any Termination Letter, Amendment Notification Letter, 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.

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) The other parties hereto
or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the
exercise of its own best judgment (provided, that with respect to its duties under Sections 1(i), 1(j), and 2(a)
above, the Trustee shall take no action except as set forth in written instructions from the Company, confirmed by telephone, in accordance
with Section 3(a)), except for its 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),
statement, instrument, report, or other paper or document (not only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good
faith, to be genuine and to be signed or presented by the proper person or persons (provided, that with respect to its duties under
Sections 1(i), 1(j), and 2(a) above, the Trustee shall take no action except as set forth in written instructions
from the Company, confirmed by telephone, in accordance with Section 3(a)). 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;

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

6. Termination. This Agreement shall terminate as follows:

 

(a) If the Trustee gives written
notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee
shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the
reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event
that the Company does not locate a successor trustee within ninety (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 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) and Section 5.

 

7. Miscellaneous.

 

(a) The Company and the Trustee
will each restrict access to confidential information relating to funds being transferred to or from the Trust Account to authorized persons.
Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information,
or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon all information supplied to it
by the Company, including account names, account numbers, and all other identifying information relating to a beneficiary, beneficiary’s
bank, or intermediary bank. 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 supplied to it or funds
transferred based on such information.

 

     

     

    

 

(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. The parties hereto consent to the jurisdiction
and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes
hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives the right to trial by
jury.

 

(c) 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.

 

(d) This Agreement contains
the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j)
(which sections may not be modified, amended or deleted without the affirmative vote of a majority of the then outstanding Ordinary Shares
of the Company; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election
to redeem his, her or its Ordinary Shares in connection with a vote sought to amend this Agreement), 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 the Representative. The Trustee may require from Company counsel an opinion
as to the propriety of any proposed amendment.

 

(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, by email or by facsimile transmission:

 

if to the Trustee, to:

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com

 

if to the Company, to:

 

Keyarch Acquisition Corporation

275 Madison Avenue, 39th floor

New York, New York 10016

Attn: Kai Xiong

Email: kxiong@keywisecapital.com

 

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

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, NY 10017

Attn: Steven Levine

E-mail: slevine@ebccap.com

 

     

     

    

 

and

Orrick, Herrington & Sutcliffe LLP

The Orrick Building

45 Howard Street

San Francisco, California 94105

Attention: Karen Dempsey, Esq.

Email: kdempsey@orrick.com

 

and

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: Jeff Gallant

E-mail: jgallant@graubard.com

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

     

    

 

 

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
	 	 	 	 
	 	KEYARCH ACQUISITION CORPORATION
	 	 	 	 
	 	By:	 
	 	 	Name:	Kai Xiong
	 	 	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(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

     

     

    

 

EXHIBIT A

[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 Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Keyarch Acquisition Corporation (“Company”) and Continental Stock
Transfer & Trust Company, dated as of _______, 2022 (“Trust Agreement”), this is to advise you that the Company
has entered into an agreement with [__________________] to consummate a business combination (“Business Combination”)
on or about [insert date]. The Company shall notify you at least seventy- two (72) hours in advance of the actual date of the consummation
of the Business Combination (“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the Trust Account
to the effect 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. It is acknowledged and agreed that while the funds are
on deposit in the trust account awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated and (ii) the Company
shall deliver to you (a) a certificate by the Chief Executive Officer, which verifies the vote of the Company’s shareholders in
connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and the Representative
with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed
and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be
liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether
such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, your obligations under the Trust Agreement shall be terminated.

 

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

 

	 	Very truly yours,
	 	 
	 	Keyarch Acquisition Corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	Kai Xiong
	 	 	Title:	Chief Executive Officer

 

AGREED TO AND ACKNOWLEDGED BY

	EARLYBIRDCAPITAL, INC.	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

     

     

    

 

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

 

Re: Trust Account Termination
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Keyarch Acquisition Corporation (“Company”) and Continental Stock
Transfer & Trust Company, dated as of _______, 2022 (“Trust Agreement”), this is to advise you that the Company
has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s MMA, as
described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate the Trust Account and to transfer the total proceeds of the Trust to the
Trust Operating Account to await distribution to the Public Shareholders. The Company has selected [____________, 20__] as the effective
date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds.
It is acknowledged that while the funds are on deposit in the Trust Operating Account awaiting distribution, the Company will not earn
any interest or dividends. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute said
funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the MMA of the Company. Upon the distribution
of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	Keyarch Acquisition Corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	Kai Xiong
	 	 	Title:	Chief Executive Officer

cc: EarlyBirdCapital, Inc.

 

     

     

    

 

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 Amendment
Notification Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the Investment
Management Trust Agreement between Keyarch Acquisition Corporation (“Company”) and Continental Stock Transfer &
Trust Company, dated as of _______, 2022 (“Trust Agreement”). Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(j) of
the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account to distribute to the Public Shareholders
that have requested redemption of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously
instructed.

 

	 	Very truly yours,
	 	 
	 	Keyarch Acquisition Corporation.
	 	 	 	 
	 	By:	 
	 	 	Name:	Kai Xiong
	 	 	Title:	Chief Executive Officer

cc: EarlyBirdCapital, Inc.

 

     

     

    

 

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 Withdrawal
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of
the Investment Management Trust Agreement between Keyarch Acquisition Corporation (“Company”) and Continental Stock
Transfer & Trust Company, dated as of _______, 2022 (“Trust Agreement”), the Company hereby requests that you deliver
to the Company [$_______] of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay for
its [income or other tax obligations][dissolution and liquidation expenses, which expenses will not exceed $100,000].

 

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]

	 	Keyarch Acquisition Corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	Kai Xiong
	 	 	Title:	Chief Executive Officer

cc: EarlyBirdCapital, Inc.

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