Document:

Exhibit 10.5

 

SUBSCRIPTION AGREEMENT

 

AGBA Acquisition Limited

Room 1108, 11th Floor, Block B

New Mandarin Plaza, 14 Science Museum Road

Tsimshatsui East, Kowloon, Hong Kong

 

Ladies and Gentlemen:

 

AGBA Acquisition Limited (the “Company”),
a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business Combination”),
intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in connection with
its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration Statement”).

 

The undersigned hereby commits that it will
purchase 210,000 units of the Company (“Private Units”), each Private Unit consisting of one ordinary share of the
Company, par value $0.001 per share (the “Ordinary Shares”), one warrant (the “Warrants”) entitling its
holder to purchase one-half (1/2) of one Ordinary Share, and one right to receive one-tenth (1/10) of an Ordinary Share (each a
“Right”), at $10.00 per Private Unit, for a purchase price of $2,100,000 (the “Private Unit Purchase Price”).

 

The undersigned hereby agrees that it will
purchase an additional amount of units of the Company (“Over-Allotment Units”), up to a maximum of 15,000 Over-Allotment
Units, or a maximum purchase price of $150,000 (“Over-Allotment Unit Purchase Price”, together with the Private Unit
Purchase Price, the “Purchase Price”), in the event Maxim Group LLC (“Maxim”) exercises its over-allotment
option, such that the amount held in the trust account (as described in the Registration Statement) does not fall below $10.00
per share for each Ordinary Share sold in the IPO.

 

At least twenty-four (24) hours prior to the
beginning of the road show relating to the IPO, the undersigned will cause the Private Unit Purchase Price to be delivered to Loeb
& Loeb LLP (“Loeb”), counsel for the Company, by wire transfer as set forth in the instructions attached as Exhibit
A to hold in a non-interest bearing account until the Company consummates the IPO.

 

The consummation of the purchase and issuance
of the Private Units shall occur simultaneously with the consummation of the IPO and the consummation of the purchase and issuance
of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the over-allotment option related to
the IPO. Simultaneously with the consummation of the IPO, Loeb shall deposit the Private Unit Purchase Price, without interest
or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public shareholders as described in the Registration Statement.

 

Each of the Company, and the undersigned acknowledges
and agrees that Loeb is serving hereunder solely as a convenience to the parties to facilitate the purchase of the Private Units
and Loeb’s sole obligation under this letter agreement is to act with respect to holding and disbursing the Purchase Price
for the Private Units as described above. Loeb shall not be liable to the Company, Maxim or the undersigned or any other person
or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder unless
Loeb has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall indemnify
Loeb against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act in
connection with this letter agreement except as a result of its gross negligence or willful misconduct. Loeb may rely and shall
be protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and
believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

     

     

    

 

The Private Units and Over-Allotment Units
will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:

 

		·	to vote the Ordinary Shares included in the Private Units and Over-Allotment Units in favor of any proposed Business Combination;

 

		·	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association
that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s Ordinary Shares
sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or
up to 21 months, as applicable), unless the Company provides the holders of Ordinary Shares sold in the IPO with the opportunity
to redeem their Ordinary Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s
franchise and income taxes, divided by the number of then outstanding Ordinary Shares sold in the IPO;

 

		·	not to convert any Ordinary Shares included in the Private Units and Over-Allotment Units into the right to receive cash from
the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions
of the Company’s Amended and Restated Memorandum and Articles of Association, and not to tender the Private Units and Over-Allotment
Units in connection with a tender offer conducted prior to the closing of a Business Combination;

 

		·	the undersigned will not participate in any liquidation distribution with respect to the Private Units and Over-Allotment Units
(but will participate in liquidation distributions with respect to any units or Ordinary Shares purchased by the undersigned in
the IPO or in the open market) if the Company fails to consummate a Business Combination;

 

		·	that the Private Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation
of a Business Combination except (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors,
advisors and employees, (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives
and trusts for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified
domestic relations order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no
greater than the price at which the Private Units were originally purchased or (vii) to the Company for cancellation in connection
with the consummation of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms
of the transfer restrictions; and

 

     

     

    

 

		·	the Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly
structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate
the IPO, each of which will be set forth in the Registration Statement.

 

The undersigned acknowledges and agrees that
the purchaser of the Private Units and Over-Allotment Units will execute agreements in form and substance typical for transactions
of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably
acceptable to the undersigned, including but not limited to an insider letter.

 

The undersigned hereby represents and warrants
that:

 

		(a)	it has been advised that the Private Units and Over-Allotment
Units have not been registered under the Securities Act;

 

		(b)	it will be acquiring the Private Units and Over-Allotment
Units for its account for investment purposes only;

 

		(c)	it has no present intention of selling or otherwise disposing
of the Private Units and Over-Allotment Units in violation of the securities laws of the United States;

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

This letter agreement constitutes the entire
agreement between the undersigned and the Company with respect to the purchase of the Private Units and Over-Allotment Units, and
supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with
respect to the same.

 

	 	Very truly yours,
	 	 
	 	AGBA HOLDING LIMITED 
	 	 	 
	 	By: 	      
	 	Name: Samuel Chan
	 	Title:  Director 

 

	Accepted and Agreed:	 
	 	 
	AGBA ACQUISITION LIMITED	 
	 	 
	By: 	 	 
	 	Name: Gordon Lee	 
		Title:  Chief Executive Officer	 

 

Signature Page to Subscription Agreement

 

     

     

    

 

Exhibit A

 

Wire Instructions

 

Bank Name: Citigroup Private Bank

Bank Address: 153 East 53rd Street

                         New York, NY 10022

Account Name: Loeb & Loeb LLP – Trust Account

Account Number: 24576266

Routing/ABA Number (Domestic Wires): 021000089

Swift Code (Foreign Wire): CITIUS33

Note: AGBA 232165/10001Exhibit 4.1

 

PROMISSORY NOTE

 

	U.S. $3,770,000.00	May 3, 2019

 

FOR VALUE RECEIVED, Inpixon, a Nevada corporation
(“Borrower”), promises to pay in lawful money of the United States of America to the order of Chicago Venture
Partners, L.P., a Utah limited partnership, or its successors or assigns (“Lender”), the principal sum of $3,770,000.00,
together with all other amounts due under this Promissory Note (this “Note”). This Note is issued pursuant to
that certain Note Purchase Agreement of even date herewith between Borrower and Lender (the “Purchase Agreement”).

 

1. PAYMENT.
Borrower shall pay to Lender the entire outstanding balance of this Note on or before the date that is ten (10) months from the
date hereof (the “Maturity Date”). Borrower will make all payments of sums due hereunder to Lender at Lender’s
address set forth in the Purchase Agreement, or at such other place as Lender may designate in writing. Unless otherwise agreed
or required by applicable law, payments will be applied first to any unpaid collection costs and late charges, then to accrued
interest and finally to principal.

 

2. INTEREST.
Interest shall accrue on the outstanding balance of this Note at the rate of ten percent (10%) per annum from the date hereof until
this Note is paid in full. Upon the occurrence of an Event of Default (as defined below), interest shall accrue on the outstanding
balance of this Note at the lesser of the rate of twenty-two percent (22%) per annum or the maximum rate permitted by applicable
law. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty
(30) day months, shall compound daily and shall be payable in accordance with the terms of this Note.

 

3. ORIGINAL ISSUE
DISCOUNT; TRANSACTION EXPENSES. This Note carries an original issue discount of $750,000.00. In addition, Borrower agrees to
pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence, monitoring and other transaction
costs incurred in connection with the purchase and sale of this Note, all of which amounts are included in the initial principal
balance of this Note and are fully earned and payable as of the date hereof.

 

4. PREPAYMENT.
Borrower may pay all or any portion of the amount owed earlier than it is due; provided that in the event Borrower elects
to prepay all or any portion of the outstanding balance, it shall pay to Lender 115% of the portion of the outstanding balance
Borrower elects to prepay. Early payments of less than all principal, fees and interest outstanding will not, unless agreed to
by Lender in writing, relieve Borrower of Borrower’s remaining obligations hereunder.

 

5. REDEMPTIONS.
Beginning on the date that is six (6) months from the date hereof and at the intervals indicated below until this Note is paid
in full, Lender shall have the right to redeem, up to an aggregate of one third (1/3) of the initial principal balance of this
Note each month (each monthly exercise, a “Monthly Redemption Amount”) by providing written notice (each, a
“Monthly Redemption Notice”) delivered to Borrower by facsimile, email, mail, overnight courier, or personal
delivery; provided, however, that if Lender does not exercise any Monthly Redemption Amount in its corresponding
month then such Monthly Redemption Amount shall be available for Lender to redeem in any future month in addition to such future
month’s Monthly Redemption Amount. Upon receipt of any Monthly Redemption Notice, Borrower shall pay the applicable Monthly
Redemption Amount in cash to Lender within five (5) business days of Borrower’s receipt of such Monthly Redemption Notice.

 

     

     

    

 

6. EVENT OF DEFAULT.
The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(a) Failure to Pay.
Borrower shall fail to pay when due, whether at stated maturity, upon acceleration or otherwise, any principal or interest payment,
or any other payment required under the terms of this Note on the date due.

 

(b) Breaches of Covenants.
Borrower or any other person or entity defaults or otherwise fails to observe or perform any covenant, obligation, condition or
agreement of Borrower contained herein or in any other Transaction Document (as defined in the Purchase Agreement), only if such
default or breach remains uncured for a period of at least five (5) Trading Days.

 

(c) Representations
and Warranties. Any representation or warranty made by Borrower to Lender in this Note, the Purchase Agreement, any other Transaction
Document, or any related agreement shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

 

(d) Voluntary Bankruptcy
or Insolvency Proceedings. Borrower shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator
or custodian of itself or of all or a substantial part of its property, (ii)  make a general assignment for the benefit of
its or any of its creditors, (iii) be dissolved or liquidated, or (iv) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property
by any official in an involuntary case or other proceeding commenced against it.

 

(e) Involuntary Bankruptcy
or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator, or custodian of Borrower or
of all or a substantial part of its property, or an involuntary case or other proceedings seeking liquidation, reorganization,
or other relief with respect to Borrower or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty
(60) days of commencement.

 

(f) Judgment.
A judgment or judgments for the payment of money in excess of the sum of $500,000.00 in the aggregate shall be rendered against
Borrower and either (i) the judgment creditor executes on such judgment or (ii) such judgment remains unpaid or undischarged for
more than sixty (60) days from the date of entry thereof or such longer period during which execution of such judgment shall be
stayed during an appeal from such judgment.

 

(g) Attachment.
Any execution or attachment shall be issued whereby any substantial part of the property of Borrower shall be taken and the same
shall not have been vacated or stayed within thirty (30) days after the issuance thereof.

 

(h) Cross Default.
Borrower breaches or any event of default occurs under any term or provision of any Other Agreement (as defined hereafter). For
purposes hereof, “Other Agreement” means collectively, all existing and future agreements and instruments between,
among or by Borrower, on the one hand, and Lender, on the other hand.

 

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7. ACCELERATION;
REMEDIES.

 

(a) At any time following
the occurrence of an Event of Default (other than an Event of Default referred to in Sections 6(d) and 6(e)), Lender may,
by written notice to Borrower, declare all unpaid principal, plus all accrued interest and other amounts due hereunder to be immediately
due and payable at the Mandatory Default Amount (as defined below) without presentment, demand, protest or any other notice of
any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. Upon the occurrence
or existence of any Event of Default described in Sections 6(d) and 6(e), immediately and without notice, all outstanding
unpaid principal, plus all accrued interest and other amounts due hereunder shall automatically become immediately due and payable
at the Mandatory Default Amount, without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence
or existence of any Event of Default, Lender may exercise any other right, power or remedy permitted to it by law, either by suit
in equity or by action at law, or both. For purposes hereof, the term “Mandatory Default Amount” means an amount
equal to 115% of the outstanding balance of this Note (which outstanding balance, for avoidance of doubt, shall include principal,
interest, fees and any previously incurred prepayment penalty) as of the date the applicable Event of Default occurred, plus all
interest, fees, and charges that may accrue on such outstanding balance thereafter.

 

(b) Upon the occurrence
of a Change in Control (as defined below), and without further notice to Borrower, all unpaid principal, plus all accrued interest,
original issue discount, and other amounts due hereunder, shall become immediately due and payable. For purposes hereof, a “Change
in Control” means a sale of all or substantially all of Borrower’s assets, or a merger, consolidation, or other
capital reorganization of Borrower with or into another company, and does not include a significant equity financing; provided
however that a merger, consolidation, or other capital reorganization in which the holders of the equity of Borrower outstanding
immediately prior to such transaction continue to hold (either by the voting securities remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting
securities of Borrower, or such surviving entity, outstanding immediately after such transaction shall not constitute a Change
in Control.

 

8. UNCONDITIONAL
OBLIGATION; NO OFFSET. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation
of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has
or may have hereafter against Lender, its successors and assigns, and agrees to make all payments due hereunder in accordance with
the terms of this Note.

 

9. NO USURY.
Notwithstanding any other provision contained in this Note or in any instrument given to evidence the obligations evidenced hereby:
(a) the rates of interest and charges provided for herein and therein shall in no event exceed the rates and charges which result
in interest being charged at a rate equaling the maximum allowed by law; and (b) if, for any reason whatsoever, Lender ever receives
as interest in connection with the transaction of which this Note is a part an amount which would result in interest being charged
at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest shall automatically
be applied toward reduction of the unpaid principal balance then outstanding hereunder and not toward payment of interest.

 

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10. ATTORNEYS’
FEES. If this Note is placed in the hands of an attorney for collection or enforcement prior to commencing arbitration or legal
proceedings, or is collected or enforced through any arbitration or legal proceeding, or Lender otherwise takes action to collect
overdue amounts due under this Note or to enforce the provisions of this Note, then Borrower shall pay the reasonable costs incurred
by Lender for such collection, enforcement or action including, without limitation, reasonable attorneys’ fees and disbursements.

 

11. GOVERNING LAW;
VENUE. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

12. ARBITRATION
OF DISPUTES. Borrower agrees that any dispute arising under this Note shall be subject to the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

13. WAIVERS.
Borrower hereby waives presentment, notice of nonpayment, notice of dishonor, protest, demand and diligence.

 

14. LOSS OR MUTILATION.
On receipt by Borrower of evidence reasonably satisfactory to Borrower of the loss, theft, destruction or mutilation of this Note
and, in the case of any such loss, theft or destruction of this Note, on delivery of an indemnity agreement reasonably satisfactory
in form and amount to Borrower or, in the case of any such mutilation, on surrender and cancellation of such Note, Borrower at
its expense will execute and deliver, in lieu thereof, a new Note of like amount and tenor.

 

15. NOTICES.
Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by this reference.

 

16. AMENDMENT AND
WAIVER. This Note and its terms and conditions may be amended, waived or modified only in writing by Borrower and Lender.

 

17. SEVERABILITY.
If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of the
parties to the fullest extent permitted and the balance of this Note shall remain in full force and effect.

 

18. ASSIGNMENTS.
Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold, assigned or transferred
by Lender without the consent of Borrower.

 

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19. FINAL NOTE.
This Note, together with the other Transaction Documents, contains the complete understanding and agreement of Borrower and Lender
and supersedes all prior representations, warranties, agreements, arrangements, understandings, and negotiations. THIS NOTE, TOGETHER
WITH THE OTHER TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF ANY ALLEGED PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

 

20. Waiver
of Jury Trial. BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS
TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER,
BORROWER ACKNOWLEDGES THAT IT KNOWINGLY AND VOLUNTARILY IS WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

21. TIME IS OF THE
ESSENCE. Time is of the essence of this Note and each and every provision hereof in which time is an element.

 

22. LIQUIDATED DAMAGES.
Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this Note, Lender’s
damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’ inability to
predict future interest rates and other relevant factors. Accordingly, Lender and Borrower agree that any fees, balance adjustments,
default interest or other charges assessed under this Note are not penalties but instead are intended by the parties to be, and
shall be deemed, liquidated damages.

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF,
Borrower has caused this Note to be issued as of the date first set forth above.

 

	 	BORROWER:
	 	 
	 	INPIXON
	 	 	 
	 	By:	/s/ Nadir Ali
	 	Name:	Nadir Ali
	 	Title:	CEO

 

[Signature Page to Promissory Note]

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