Document:

Exhibit
4.6

FORM
OF RIGHTS AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of ____, 2022 between Alset Capital Acquisition Corp., a Delaware company
(the “Company”) and Vstock Transfer, LLC, a New York limited liability company, with offices at 18 Lafayette Place, Woodmere,
New York 11598 (“Rights Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Public Offering”) of units of the Company’s equity securities
(each, a “Unit” and collectively, the “Units”) through EF Hutton, a division of a division of Benchmark Investments
LLC,(the “Representative”), as representative of the several underwriters (the “Underwriters”), each such Unit
comprised of: (i) one share of Class A Common stock of the Company, par value $.0001 per share (“Common Stock”); (ii) one-half
of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock; and (iii) one right
to receive one-tenth (1/10) of one share of Common Stock (the “Public Rights”) upon the happening of an Exchange Event (as
defined below in Section 3.2), and in connection therewith, the Company has determined to issue and deliver up to 7,500,000 Public Rights
(or up to 8,625,000 Public Rights subject to the over-allotment option) to public investors in the Public Offering; and

 

WHEREAS,
on ____, 2022, the Company entered into certain Private Placement Unit Subscription Purchase Agreement with Alset Acquisition Sponsor
LLC (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 440,000 Private Placement Units (or
473,750 Private Placement Units if the over-allotment option is exercised in full by the Underwriters) simultaneously with the closing
of the Public Offering at a purchase price of $10.00 per Unit and in connection therewith, will issue and deliver up to an aggregate
of 440,000 rights (or 473,750 if the over-allotment option is exercised in full by the Underwriters) (“Private Placement Rights”);
and

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined in
the Company’s Amended and Restated Certificate of Incorporation), the Sponsor or an affiliate of the Sponsor or certain of the
Company’s officers and directors may, but are not obligated to, loan to the Company funds as the Company may require, of which
up to $750,000 may be converted into up to an additional 75,000 Units (“Private Placement Units”) at a price of $10.00 per
Unit, and in connection therewith, the Company will issue and deliver up to an aggregate of 75,000 rights as part of such Private Unit
(the “Working Capital Rights”); and

 

WHEREAS,
the Company may issue additional rights from time to time that are to be governed by this Agreement (“Post-IPO Rights” and
together with the Private Placement Rights, the Working Capital Rights and the Public Rights, the “Rights”) in connection
with, or following the consummation by the Company of, a Business Combination; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-1, File No.
333-______ (the “Registration Statement”), and the prospectus forming a part thereof (collectively, the “Prospectus”),
for the registration under the Securities Act of 1933, as amended, of the Units, each of the securities comprising the Units, and the
Common Stock underlying the Units including the Public Rights and which Registration Statement has been declared effective by the SEC;
and

 

WHEREAS,
the Company desires the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the
issuance, registration, transfer and exchange of the Rights; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

    	 

     

    

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and
the Rights Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement.

 

2.
Rights.

 

2.1.
Form of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
and the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature
has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is
issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2.
Effect of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid
and of no effect and may not be exchanged for Common Stock.

 

2.3.
Registration.

 

2.3.1.
Right Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance
and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the
Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to
the Rights Agent by the Company.

 

2.3.2.
Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem
and treat the person in whose name such Right shall be registered upon the Right Register (“Registered Holder”) as the absolute
owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate
made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and
neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4.
Detachability of Rights. The securities comprising the Units, including the Rights, will begin to trade separately on (i) the
first trading day following the 52nd day after the effectiveness of the Registration Statement, or (ii) such earlier date
as the Representative shall determine is acceptable. In no event will separate trading of the securities comprising the Units commence
until the Company (i) files a Current Report on Form 8-K with the SEC including an audited balance sheet reflecting the Company’s
receipt of the gross proceeds of the Public Offering and (ii) issues a press release announcing when such separate trading will begin.

 

3.
Terms and Exchange of Rights

 

3.1.
Rights. Except in cases where the Company is not the surviving entity after the occurrence of an Exchange Event, each holder of
a Right shall automatically receive one-tenth of one Ordinary Share upon consummation of an Exchange Event. No additional consideration
shall be paid by a holder of Rights in order to receive his, her or its Common Stock upon an Exchange Event, as the purchase price for
such Common Stock has been included in the purchase price for the Units. In no event will the Company be required to net cash settle
the Rights or issue fractional Common Stock. The provisions of this Section 3.1 may not be modified, amended or deleted without the prior
written consent of the Representative.

 

    	2

     

    

 

3.2.
Exchange Event. An “Exchange Event” shall be deemed to occur automatically upon the Company’s consummation of
an initial Business Combination.

 

3.3.
Exchange of Rights.

 

3.3.1.
Issuance of Certificates. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of
the Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall make
(or cause to be made) entries in its Register of Members of the Company and issue to the Registered Holder of such Right(s) a certificate
or certificates for the number of full Common Stock to which he, she or it is entitled, registered in such name or names as may be directed
by him, her or it. The Company shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the Company
will either instruct the Rights Agent to round down to the nearest whole Ordinary Share or otherwise inform it how fractional shares
will be addressed in accordance with Cayman Islands law.

 

3.3.2.
Valid Issuance. All Common Stock issued upon an Exchange Event in conformity with this Agreement and the Amended and Restated
Certificate of Incorporation of the Company shall be validly issued, fully paid and nonassessable.

 

3.3.3.
Date of Issuance. Each person in whose name any such certificate for Common Stock is issued shall for all purposes be deemed to
have become the holder of record of such Common Stock on the date that the person’s name is entered in the Register of Members
of the Company, which shall be the date of the Exchange Event, irrespective of the date of delivery of such certificate.

 

3.3.4
Company Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the surviving
entity, each holder of a Right will be required to affirmatively convert his, her or its Rights in order to receive the 1/10 of an Common
Stock underlying each Right (without paying any additional consideration) upon consummation of the Exchange Event. Each holder of a Right
will be required to indicate his, her or its election to convert the Rights into the underlying Common Stock as well as to return the
original certificates evidencing the Rights to the Company.

 

3.4
Duration of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated
Certificate of Incorporation, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.
Transfer and Exchange of Rights.

 

4.1.
Registration of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right
Register, upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the
old Right shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from
time to time upon request.

 

4.2.
Procedure for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange
or transfer, and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the Registered Holder
of the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered
for transfer bears a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange therefor until
the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the
new Rights must also bear a restrictive legend.

 

4.3.
Fractional Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result
in the issuance of a Right Certificate for a fraction of a Right.

 

    	3

     

    

 

4.4.
Service Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5.
Right Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

5.
Other Provisions Relating to Rights of Holders of Rights.

 

5.1.
No Rights as Shareholder. Until exchange of a Right for Common Stock as provided for herein, a Right does not entitle the Registered
Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings
of shareholders or the election of directors of the Company or any other matter.

 

5.2.
Lost, Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

5.3.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
Common Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

5.4.
Adjustments to Conversion Ratios. The number of Common Stock that the holders of Rights are entitled to receive as a result of
the occurrence of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, share dividend,
reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the Common Stock
occurring on or after the date hereof and prior to the Exchange Event.

 

6.
Concerning the Rights Agent and Other Matters.

 

6.1.
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Rights Agent in respect of the issuance or delivery of Common Stock upon the exchange of Rights, but the Company shall not be obligated
to pay any transfer taxes in respect of the Rights or such Common Stock.

 

6.2.
Resignation, Consolidation, or Merger of Rights Agent.

 

6.2.1.
Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.
If the office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days
after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall,
with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost.
Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the
laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without any further act or deed; but
if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the
Company, an instrument transferring to such successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent
and; and upon request of any successor Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments
in writing for more fully and effectually vesting in and confirming to such successor Rights Agent all such authority, powers, rights,
immunities, duties, and obligations.

 

    	4

     

    

 

6.2.2.
Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof
to the predecessor Rights Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

6.2.3.
Merger or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights
Agent under this Agreement without any further act.

 

6.3.
Fees and Expenses of Rights Agent.

 

6.3.1.
Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder
and will reimburse the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its
duties hereunder.

 

6.3.2.
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the
carrying out or performing of the provisions of this Agreement.

 

6.4.
Liability of Rights Agent.

 

6.4.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer and delivered
to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the
provisions of this Agreement.

 

6.4.2.
Indemnity. The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject
to Section 6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including
judgments, costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except
as a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3.
Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Right or as to
whether any Common Stock will when issued be valid and fully paid and nonassessable.

 

    	5

     

    

 

6.5.
Acceptance of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same
upon the terms and conditions herein set forth.

 

6.6
Waiver. The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

7.
Miscellaneous Provisions.

 

7.1.
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall
bind and inure to the benefit of their respective successors and assigns.

 

7.2.
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder
of any Right to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Company with the Rights Agent), as follows:

 

Alset
Capital Acquisition Corp.

4800
Montgomery LN, STE 210

Bethesda,
MD 20814

Attn.:
Michael Gershon

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the
Rights Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights
Agent with the Company), as follows:

 

Vstock
Transfer, LLC

18
Lafayette Place

Woodmere,
New York 11598

Attention:
Relationship Management

 

7.3.
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects
by 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 Company hereby agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    	6

     

    

 

7.4.
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the Registered Holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right, remedy,
or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto
(and the Representative with respect to the Sections 3.1, 7.4 and 7.8 hereof) and their successors and assigns and of the Registered
Holders of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of
the Representative.

 

7.5.
Examination of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights
Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Right. The Rights Agent
may require any such holder to submit his, her or its Right for inspection by it.

 

7.6.
Counterparts. This 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.

 

7.7.
Effect of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

7.8
Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of
curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that
the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments shall require
the written consent or vote of the Registered Holders of a majority of the then outstanding Rights. The provisions of this Section 7.8
may not be modified, amended or deleted without the prior written consent of the Representative.

 

[Signature
Page Appears Next]

 

    	7

     

    

 

7.9
Severability. This 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 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 Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	Alset
    Capital Acquisition Corporation
	 	 
	 	By:	 
	 	Name:
    	 
	 	Title:	 
	 	 	 
	 	Vstock
    Transfer, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

Exhibit
A Form of Right Certificate

 

Form
of Right

 

	NUMBER	RIGHTS
	 	 
	R
    ______	 

 

ALSET
CAPITAL ACQUISITION CORP.

INCORPORATED
UNDER THE LAWS OF THE STATE OF DELAWARE

RIGHT

 

SEE
REVERSE FOR

CERTAIN DEFINITIONS

CUSIP
[*]

 

This
Certifies that is the registered holder of a right or rights (the “Right”) to automatically receive one-tenth of
an common stock, par value US$0.0001 per share, of Alset Capital Acquisition Corp., a Delaware corporation (the “Company”)
for each Right evidenced by this Right Certificate on the Company’s completion of an initial business combination (as defined in
the prospectus relating to the Company’s initial public offering (“Prospectus”)) upon surrender of this Right Certificate
pursuant to the Rights Agreement between the Company and Vstock Transfer LLC. In no event will the Company be required to net cash settle
any Right.

 

Upon
liquidation of the Company in the event an initial business combination is not consummated during the required period as identified in
the Company’s Amended and Restated Certificate of Incorporation, the Right(s) shall expire and be worthless. The holder of a Right
shall have no right or interest of any kind in the Company’s trust account (as defined in the Prospectus).

 

Upon
due presentment for registration of transfer of the Right Certificate at the office or agency of Vstock Transfer LLC, the Rights Agent,
a new Right Certificate or Right Certificates of like tenor and evidencing in the aggregate a like number of Rights shall be issued to
the transferee in exchange for this Right Certificate, without charge except for any applicable tax or other governmental charge.

 

The
Company and the Rights Agent may deem and treat the registered holder as the absolute owner of this Right Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any conversion hereof, of any distribution to the
registered holder, and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

Holders
of Rights are not entitled to any of the rights of a shareholder of the Company.

 

This
Right shall be governed and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws
principles thereof.

 

	Dated:	 	 
	 	 	 
	 	 	 
	CHIEF
    EXECUTIVE OFFICER	 	SECRETARY

 

    	 

     

    

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM -	as
    tenants in common	 	UNIF
    GIFT MIN ACT -	_____
    Custodian ______
	TEN
    ENT -	as
    tenants by the entireties	 	 	(Cust)
    (Minor)
	JT
    TEN -	as
    joint tenants with right of survivorship and not as tenants in common	 	 	under
    U.S. Uniform Gifts to Minors
	 	 	 	 	Act
    ______________
	 	 	 	 	(State)

 

Additional
Abbreviations may also be used though not in the above list.

ALSET
CAPITAL ACQUISITION CORP.

 

    	 

     

    

 

The
Company will furnish without charge to each security holder who so requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of equity securities or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights. This certificate and the rights represented thereby are issued and shall be held subject
to all the provisions of the Rights Agreement, and all amendments thereto, to all of which the holder of this certificate by acceptance
hereof assents.

 

For
value received, ___________________________ hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE(S)

	 
	 

 

	 
	(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE(S))
	 
	 
	 
	 

____________________________________________________________________________________
Rights represented by the within Certificate, and do hereby irrevocably constitute and appoint

____________________________________________________________________________________Attorney
to transfer the said rights on the books of the within named Company will full power of substitution in the premises.

 

	Dated	 	 	 
	 	 	 	Notice:	The
    signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without
    alteration or enlargement or any change whatever.

 

	Signature(s)
    Guaranteed:	 
	 	 
	 	 

 

	 	 	 

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

The
holder of this certificate shall have no right or interest of any kind in or to the funds held in the Company’s trust fund (as
defined in the Prospectus).Exhibit 10.1

 

[●],
2022

 

Alset
Capital Acquisition Corp.

4800
Montgomery LN STE 210

Bethesda,
MD 20814

 

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 Alset Capital Acquisition Corp., a Delaware corporation
(the “Company”) and EF Hutton, division of Benchmark Investments LLC, as representative (the “Representative”)
of the underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of up to 8,625,000 of the Company’s
units (including up to 1,125,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one Class A share of common stock, having a par or nominal value of US $0.0001 per share, of the Company (the “Common
Stock”), one-half of one redeemable warrant (“Warrant”), and one right (“Right”).
Each Warrant entitles the holder thereof to purchase one share of Common Stock at a price of US $11.50 per share, subject to adjustment.
Each Right entitles the holder thereof to receive one-tenth (1/10) of one share of Class A common stock upon the consummation of an initial
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”).
Certain capitalized terms used herein are defined in Paragraph 11 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, Alset Acquisition Sponsor, LLC
(the “Sponsor”) and each of the undersigned individuals, each of whom is a member of the Company’s board
of directors, management team and/or senior advisory board (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

1.
The Sponsor and each Insider agree that 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 all Founder Shares and any shares of Common Stock owned by it,
him or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection
with such shareholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider
agrees that it, he or she will not seek to sell its, his or her shares of Common Stock to the Company in connection with such tender
offer.

 

2.
The Sponsor and each Insider hereby agree that in the event that the Company fails to consummate a Business Combination within 18 months
from the closing of the Public Offering or such later period approved by the Company’s shareholders in accordance with the Company’s
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 Common Stock 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 its taxes (less up to US $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 of the Company (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 each case to
the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor
and each Insider agree not to propose any amendment to the Company’s Charter that would modify (i) 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 18 months
from the closing of the Public Offering or (ii) the other provisions relating to shareholders’ rights or pre-initial business combination
activities, 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 (which interest shall be net of amounts released for payment of taxes) divided by the number of then outstanding Offering Shares.
The Sponsor and each Insider agree to waive its redemption rights with respect to shares of Common Stock and Founder Shares owned by
it in connection with a shareholder vote to approve an amendment to the Company’s Charter (A) to modify 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
18 months from the closing of the Public Offering or (B) with respect to any other provision relating to shareholders’ rights or
pre-initial business combination activity.

 

    	 

     

    

 

 

The
Sponsor and each Insider acknowledge 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 waive, with respect to any Founder Shares and Offering Shares held
by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or
in the context of a tender offer made by the Company to purchase Common Stock (although the Sponsor, the Insiders and their respective
affiliates shall be entitled to liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate
a Business Combination within 18 months from the date of the closing of the Public Offering).

 

3.
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and
each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish
or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with respect to any Units,
Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, Common Stock owned by it, him or her,
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any Units, Founder Shares and Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, Common
Stock owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or
(iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this Paragraph
3 or Paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service
at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective
two business days after the publication date of such press release. The provisions of this Paragraph will not apply if the release or
waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same
terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

4.
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 (other than the Company’s independent accountants) for services rendered
or products sold to the Company or (ii) a prospective target business with which the Company has entered into a letter of intent, confidentiality
or other similar agreement for a Business Combination (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) US $10.00 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. 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.

 

    	 

     

    

 

 

5.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,125,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to automatically surrender to
the Company for no consideration, for cancellation at no cost, a number of Founder Shares in the aggregate equal to the product of 281,250
multiplied by a fraction, (i) the numerator of which is 1,125,000 minus the number of Units purchased by the Underwriters upon the exercise
of their over-allotment option, and (ii) the denominator of which is 1,125,000. The surrender will be adjusted to the extent that the
over-allotment option is not exercised in full by the Underwriters so that the number of Founder Shares will equal of 20% of the sum
of total number of Common Stock and Founder Shares outstanding at such time. 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 total number of Common Stock and Founder Shares outstanding at such time.

 

6.
The Sponsor and each Insider hereby agree and acknowledge 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, as applicable, under Paragraphs 1, 2,
3, 4, 5, 6, 7(a), 7(b), and 9 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.

 

7.
(a) The Sponsor and each Insider agree that it or he shall not Transfer any Founder Shares (or Common Stock issuable upon conversion
thereof) until the earlier of (A) six months after the date of the Company’s initial Business Combination or (B) subsequent to
the Company’s initial Business Combination, (x) if the reported last sale price of the Common Stock equals or exceeds US $12.00
per share (as adjusted for share subdivisions, share dividends, right issuances, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing at least 150 days 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 our shareholders having the right to exchange their shares for cash, securities or other property (the “Founder
Shares Lock-up Period”).

 

(b)
The Sponsor and each Insider agree that it, he or she shall not Transfer any Private Placement Units or Common Stock issued or issuable
upon the exercise of the warrants included in the Private Placement Units, until 30 days after the completion of the initial 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 Paragraphs 7(a) and 7(b), Transfers of the Founder Shares, Private Placement
Units and Common Stock issued or issuable upon the exercise or conversion of the warrants included in the Private Placement Units, or
the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this Paragraph
7(c)), are permitted (a) to the Company’s officers, directors or advisor, any affiliate or family member of any of the Company’s
officers, directors or advisor or any members of the Sponsor or any affiliates of the Sponsor; (b) in the case of an individual, by gift
to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s
immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws
of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations
order; (e) by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater
than the price at which the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion
of an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s organizational documents
upon liquidation or dissolution of the Sponsor; (h) to the Company for no value for cancellation in connection with the consummation
of an initial Business Combination, or (i) 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 Common Stock for
cash, securities or other property subsequent to the Company’s completion of an initial Business Combination; provided,
however, that in the case of clauses (a) through (e), these permitted transferees must enter into a written agreement with the
Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions
relating to voting, the Trust Account and liquidating distributions).

 

    	 

     

    

 

 

8.
The Sponsor and each Insider represent and warrant 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. The Sponsor and each Insider represent and warrant 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, he or she 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, he or she is not currently a defendant in any such criminal
proceeding. The Company represents and warrants that, to its knowledge, (i) none of its advisors has 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, (ii) each advisor’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 such advisor’s
background and each advisor’s questionnaire furnished to the Company is true and accurate in all respects, (iii) none of its advisors
is 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; and (iii) none of its advisors has been convicted
of, or pleaded guilty to, any crime (x) involving fraud, (y) relating to any financial transaction or handling of funds of another person,
or (z) pertaining to any dealings in any securities and none of its advisors is currently a defendant in any such criminal proceeding.

 

9.
(a) Except as disclosed in the Prospectus and cash or other compensation to the Company’s officers or advisors to be engaged subsequent
to the consummation of the Public Offering (which will be disclosed in the Company’s other filings with the Commission), neither
the Sponsor nor any individual who is an officer, director or advisor of the Company as of the date hereof nor any affiliate thereof
shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or
other compensation 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), other than the following, none of which will be made
from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances
up to an aggregate of US $300,000 made to the Company by Alset Management Group, Inc., an affiliate of our sponsor; reimbursement for
any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination; payment to an affiliate
of the Sponsor of US $10,000 per month, for up to 18 months, for office space, utilities and secretarial and administrative support;
and repayment of non-interest bearing loans, if any, and on such terms as to be determined by the Company from time to time, made by
the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial Business
Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital held
outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used
for such repayment. Up to US $1,500,000 of such loans may be convertible into units, at a price of U.S. $10.00 per unit at the option
of the lender, upon consummation of the initial Business Combination. The units would be identical to the Private Placement Units.

 

10.
The Sponsor and each Insider, represent and warrant to the Company that it, she or he has full right and power, without violating any
agreement to which it, she or he 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, a director on the board
of directors, and/or an advisor on the Senior Advisory Board, of the Company and hereby consents to being named in the Prospectus as
an officer, a director, and/or an advisor, of the Company.

 

    	 

     

    

 

 

11.
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 the 2,156,250 Class B shares of Common Stock, having a par or nominal value of US $0.0001 per share, initially held by the
Sponsor (up to 281,250 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not
exercised in full by the Underwriters); (iii) “Initial Shareholders” shall mean the Sponsor and any other holder
of Founder Shares immediately prior to the Public Offering; (iv) “Private Placement Units” shall mean the 440,000
units (or up to 473,750 units if the over-allotment option is exercised in full) that will be acquired by the Sponsor for an aggregate
purchase price of US $4,400,000 (or up to US $4,737,500 if the Underwriters exercise their option to purchase additional units), or US
$10.00 per Unit, in a private placement that shall close simultaneously with the consummation of the Public Offering (including Common
Stock issuable upon conversion thereof); (v) “Public Shareholders” shall mean the holders of securities issued
in the Public Offering; (vi) “Trust Account” shall mean the trust fund into which a portion of the net proceeds
of the Public Offering and the sale of the Private Placement Units shall be deposited; (vii) “Transfer” shall
mean the (a) sale or assignment 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, 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 (viii) “Charter” shall mean
the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended and/or restated from time to time.

 

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.

 

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 parties. Any purported assignment in violation of this Paragraph 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. 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.

 

19.
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 X; provided further that Paragraph 4 of this Letter Agreement shall survive such liquidation.

 

	 	Sincerely,
	 	 
	 	Alset
    Capital Acquisition Corp.
	 	 
	 	By:	 
	 	Name:	 Heng Fai Ambrose Chan
	 	Title:	 Chief Executive Officer
	 	 
	 	By:	 
	 	Name:
	 
	 	 
	 	By:	 
	 	Name:
	
    
	 	 
	 	By:	 
	 	Name:
	
    
	 	 
	 	By:	 
	 	Name:
	
    
	 	 
	 	By:	 
	 	Name:
	
    
	 	 
	 	Alset
    Acquisition Sponsor, LLC
	 	 
	 	By:	 
	 	Name:	
	 	Title:	 Director

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