Document:

Exhibit 10.4

 

EXECUTION VERSION

 

WARRANT SUBSCRIPTION AGREEMENT

 

This WARRANT SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of this February 14th, 2022, by and between A SPAC I Acquisition Corp.,
a British Virgin Islands business company (the “Company”), having its principal place of business at Level 39,
Marina Bay Financial Centre, Tower 2, 10 Marina Boulevard, Singapore 018983, and A SPAC (Holdings) Acquisition Corp., a British Virgin
Islands business company (the “Purchaser”).

 

WHEREAS, the Company desires
to sell on a private placement basis (the “Offering”) an aggregate of up to 2,875,000 warrants (the “Initial
Warrants”) of the Company, and up to an additional 270,000 warrants (“Additional Warrants” and
together with the Initial Warrants, the “Warrants”) of the Company in the event that the underwriters’
45-day over-allotment option (“Over-Allotment Option”) in the Offering is exercised in full or part, each Warrant
exercisable for one Class A ordinary share of the Company, no par value (the “Ordinary Shares”), for a purchase
price of $11.50 per Ordinary Share.

 

WHEREAS, the Purchaser desires
to purchase the 2,875,000 Initial Warrants and up to 270,000 Additional Warrants and the Company wishes to accept such subscription.

 

NOW, THEREFORE, in consideration
of the promises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1.                 
Agreement to Subscribe

 

1.1             
Purchase and Issuance of the Warrants. For the aggregate sum of $2,875,000 (the “Initial Purchase Price”),
upon the terms and subject to the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company
hereby agrees to sell to the Purchaser, on the Closing Date (as defined in Section 1.2) 2,875,000 Initial Warrants at $1.00 per Initial
Warrant.

 

In addition to the foregoing,
the Purchaser hereby agrees to purchase up to an additional 270,000 Additional Warrants at $1.00 per Additional Warrant for a purchase
price of up to $270,000 (the “Additional Purchase Price” and together with the Initial Purchase Price, the “Purchase
Price”). The purchase and issuance of the Additional Warrants shall occur only in the event that the Over-Allotment Option
is exercised in full or part. The total number of Additional Warrants to be purchased hereunder shall be in the same proportion as the
amount of the Over-Allotment Option that is exercised. Each purchase of Additional Warrants shall occur simultaneously with the consummation
of any portion of the Over-Allotment Option.

 

1.2             
Closing. The closing of the purchase and sale of the Initial Warrants shall take place at the offices of Hunter Taubman
Fischer & Li LLC 48 Wall Street, Suite 1100, New York, New York 10005 simultaneously with the consummation of the Company’s
initial public offering (“IPO”) and the purchase and sale of the Additional Warrants shall take place upon the
consummation of the exercise of all or any portion of the Over-Allotment Option (each a “Closing Date”).

 

     

     

    

 

1.3             
 Delivery of the Purchase Price. The Initial Purchase Price is currently held in an account at Continental Stock
Transfer & Trust Company, LLC (“CST”). At least one business day prior to the effective date of the Company’s
registration statement relating to the IPO (“Registration Statement”), or the date of the exercise of the Over-Allotment
Option, if any, the Purchaser agrees to deliver the Initial Purchase Price or Additional Purchase Price, as the case may be, by certified
bank check or wire transfer of immediately available funds denominated in United States Dollars to CST, which is hereby irrevocably authorized
to deposit such funds on the applicable Closing Date to the trust account which will be established for the benefit of the Company’s
public shareholders, managed pursuant to that certain Investment Management Trust Agreement to be entered into by and between the Company
and CST and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”).
If the IPO is not consummated within 14 days of the date the Initial Purchase Price is delivered to CST, the Initial Purchase Price shall
be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated in United States Dollars,
without interest or deduction.

 

1.4             
Delivery of Warrants. Upon the applicable Closing Date after delivery of the Purchase Price in accordance with Section
1.3, the Purchaser shall become irrevocably entitled to receive the Warrants purchased hereunder.

 

2.                 
Representations and Warranties of the Purchaser

 

The Purchaser represents and
warrants to the Company that:

 

2.1             
No Government Recommendation or Approval. It understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the Company, the Offering, the Warrants or the
Ordinary Shares underlying the Warrants (the “Securities”).

 

2.2             
Organization.  It is a business company, validly existing and in good standing under the laws of the British
Virgin Islands and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.3             
Private Offering. It is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”) or it is not a “U.S. Person”
as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. It acknowledges that the sale
contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning
of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state law or a non-U.S. Person under Regulation
S.

 

2.4             
Authority. This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and
binding agreement enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding

 

2.5              No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Purchaser’s organizational
documents, (ii) any agreement, indenture or instrument to which the Purchaser is a party or (iii) any law, statute, rule or
regulation to which the Purchaser is subject, or any agreement, order, judgment or decree to which the Purchaser is subject.

 

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2.6             
No Legal Advice from Company. It acknowledges it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with its own legal counsel and investment
and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered
into between the parties hereto, it is relying solely on such counsel and advisors and not on any statements or representations of the
Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.7             
Access to Information; Independent Investigation. Prior to the execution of this Agreement, it has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, it has relied solely on its own knowledge and understanding of
the Company and its business based upon its own due diligence investigation and the information furnished pursuant to this paragraph.
It understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant
to this Section 2 and it has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations and/or its prospects.

 

2.8             
Reliance on Representations and Warranties. It understands the Warrants are being offered and sold to it in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various
states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of the Purchaser set forth in this Agreement in order to determine the applicability of such provisions.

 

2.9             
No Advertisements. It is not subscribing for the Warrants as a result of or subsequent to any advertisement, article,
notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented
at any seminar or meeting.

 

2.10         
Legend. It acknowledges and agrees the the Warrants shall bear a restrictive legend (the “Legend”),
in form and substance as set forth in Section 4 hereof, prohibiting the offer, sale, pledge or transfer of the securities, except
(i) pursuant to an effective registration statement covering these securities under the Securities Act or (ii) pursuant to any
other exemptions from the registration requirements under the Securities Act and such laws which, in the opinion of counsel for the Company,
is available.

 

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2.11         
 Experience, Financial Capability and Suitability. It is (i) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Securities and (ii) able to bear the economic risk of his investment in the Securities
for an indefinite period of time because the Securities have not been registered under the Securities Act and therefore cannot be sold
unless subsequently registered under the Securities Act or an exemption from such registration is available. It has substantial experience
in evaluating and investing in transactions of securities in companies similar to the Company so that it is capable of evaluating the
merits and risks of its investment in the Company and has the capacity to protect its own interests. It has substantial experience in
evaluating and investing in transactions of securities in companies similar to the Company so that it is capable of evaluating the merits
and risks of its investment in the Company and has the capacity to protect its own interests.

 

2.12         
Investment Purposes. It is purchasing the Securities solely for investment purposes, for its own account and not
for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof and it has no present
arrangement to sell the interest in the Securities to or through any person or entity.

 

2.13         
Restrictions on Transfer. It acknowledges and understands the Warrants are being offered in a transaction not involving
a public offering in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities
Act, and, if in the future, it decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered,
resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act,
(B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act (“Rule 144”),
if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each
case in accordance with any applicable securities laws of any state or any other jurisdiction. It agrees that if any transfer of its Securities
or any interest therein is proposed to be made, as a condition precedent to any such transfer, it may be required to deliver to the Company
an opinion of counsel satisfactory to the Company. Absent registration or another available exemption from registration, it agrees it
will not resell the Securities. It further acknowledges that because the Company is a shell company, Rule 144 may not be available to
it for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination (defined
below) of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

3.                 
Representations and Warranties of the Company

 

The Company represents and
warrants to the Purchaser that:

 

Valid Issuance of Share
Capital. The total number of all classes of share capital which the Company has authority to issue is (i) 100,000,000 Class A Ordinary
Shares, (ii) 100 Class B ordinary shares, and (iii) 1,000,000 undesignated preference shares. As of the date hereof, the Company has issued
1 Class B ordinary share that will automatically be canceled at the time of the Company’s initial Business Combination (as defined
below) and has not issued any preference shares. All of the issued share capital of the Company has been duly authorized, validly issued,
and are fully paid and non-assessable.

 

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3.1             
 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the
warrant agreement to be entered into with CST on or prior to the closing of the IPO (the “Warrant Agreement”)
and the Amended and Restated Memorandum and Articles of Association of the Company, as the case may be, each of the Warrants will be duly
and validly issued, fully paid and non-assessable. On the date of issuance of the Warrants, the Ordinary Shares underlying the Warrants
(the “Warrant Shares”) shall have been reserved for issuance. Upon issuance in accordance with the terms hereof, the Amended
and Restated Memorandum and Articles of Association of the Company, the Purchaser will have or receive good title to the Warrants Shares,
free and clear of all liens, claims and encumbrances of any kind other than (i) transfer restrictions hereunder and pursuant to the registration
rights agreement to be entered into on or prior to the closing of the IPO (the “Registration Rights Agreement”)
and (ii) transfer restrictions under federal and state securities laws.

 

3.2             
Organization and Qualification. The Company has been duly incorporated and is validly existing as a British Virgin
Islands business company and has the requisite corporate power to own its properties and assets and to carry on its business as now being
conducted.

 

3.3             
Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and
perform its obligations under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution,
delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been
duly authorized by all necessary corporate action, and (iii) this Agreement constitutes, and upon the execution and delivery thereof,
the Warrants and Warrant Agreement, will constitute, valid and binding obligations of the Company enforceable against the Company in accordance
with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies
or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited by
federal and state securities laws or principles of public policy.

 

3.4             
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not (i) result in a violation of the Company’s Memorandum and Articles of Association,
(ii) conflict with, or constitute a default under any agreement, indenture or instrument to which the Company is a party or (iii)
conflict with any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which
the Company is subject. Other than any federal, state or foreign securities filings which may be required to be made by the Company subsequent
to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or
local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or
governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Warrants
or the Warrant Shares in accordance with the terms hereof.

 

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4.                 
Legends

 

4.1             
 Legend. The Company will issue the Warrants, and when issued, and the Warrant Shares, purchased by the Purchaser,
in the name of the Purchaser. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

THESE SECURITIES (i) HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE
SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO
AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
THE SECURITIES ACT.

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN A SPAC I ACQUISITION CORP. AND A SPAC (HOLDINGS) ACQUISITION CORP. AND MAY ONLY
BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH THEREIN.”

 

4.2             
Purchaser’s Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s obligations
and agreements to comply with all applicable securities laws upon resale of the Securities.

 

4.3             
Company’s Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer
of the Securities, if in the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective
registration statement filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements
of the Securities Act.

 

4.4             
Registration Rights. The Purchaser will be entitled to certain registration rights which will be governed by a registration
rights agreement (“Registration Rights Agreement”) to be entered into with the Company on or prior to the closing
of the IPO.

 

5.                 
Lockup

 

The Purchaser acknowledges
and agrees that the Warrants and the Warrant Shares shall not be transferable, saleable or assignable except as described in the Warrant
Agreement.

 

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6.                 
Securities Laws Restrictions

 

The Purchaser agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities proposed
to be transferred shall then be effective or (b) the Company shall have received an opinion from counsel reasonably satisfactory
to the Company, that such registration is not required because such transaction complies with the Securities Act and the rules promulgated
by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

7.                 
Waiver of Distributions from Trust Account

 

In connection with the Securities
purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest or claim of any kind in or to any
distributions from the Trust Account.

 

8.                 
Rescission Right Waiver and Indemnification

 

8.1             
Rescission Waiver. The Purchaser understands and acknowledges that an exemption from the registration requirements
of the Securities Act requires there be no general solicitation of purchasers of the Warrants. In this regard, if the Offering were deemed
to be a general solicitation with respect to the Warrants, the offer and sale of such Warrants may not be exempt from registration and,
if not, the Purchaser may have a right to rescind its purchase of the Warrants. In order to facilitate the completion of the Offering
and in order to protect the Company, its shareholders and the Trust Account from claims that may adversely affect the Company or the interests
of its shareholders, the Purchaser hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue
or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Warrants as a result of the issuance of
the Warrants being deemed to be in violation of Section 5 of the Securities Act. The Purchaser acknowledges and agrees this waiver is
being made in order to induce the Company to sell the Warrants to the Purchaser. The Purchaser agrees the foregoing waiver of rescission
rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”)
and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in
connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses reasonably
incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with any present or
future actual or asserted right to rescind the purchase of the Warrants hereunder or relating to the purchase of the Warrants and the
transactions contemplated hereby.

 

8.2             
No Recourse Against Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason
whatsoever in connection with its purchase of the Warrants or any Claim that may arise now or in the future.

 

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8.3             
 Section 8 Waiver. The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective
as a matter of law, the Purchaser has offered such waiver for the benefit of the Company as an equitable right that shall survive any
statutory disqualification or bar that applies to a legal right. The Purchaser acknowledges the receipt and sufficiency of consideration
received from the Company hereunder in this regard.

 

9.                 
Terms of the Warrants

 

The Warrants shall be substantially
identical to the warrants offered in the IPO as set forth in the Underwriting Agreement, except as described in the Warrant Agreement.

 

10.             
Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such territory.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

11.             
Assignment; Entire Agreement; Amendment

 

11.1         
Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other
than by the Purchaser, without the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon
such assignment by a Purchaser, the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein
to the extent of such assignment.

 

11.2         
Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to
the subject matter hereof and supersedes any and all prior discussions, agreements and understandings of any and every nature.

 

11.3         
Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended,
waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment,
waiver, discharge or termination is sought.

 

11.4         
Binding upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
to their respective heirs, legal representatives, successors and permitted assigns.

 

12.             
Notices; Indemnity

 

12.1          Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving
party’s address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either
(a) delivered by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All
notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time
of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on
the next business day following the day such notice is delivered to the courier service, or (iii) if sent by certified mail, on the
fifth business day following the day such mailing is made.

 

12.2         
Indemnification. Except as set forth in Section 8, each party shall indemnify the other party against any loss, cost
or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation,
warranty, covenant or agreement set forth in this Agreement.

 

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13.             
Counterparts

 

This Agreement may be executed
in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such signature page were an original thereof.

 

14.             
Survival; Severability

 

14.1         
Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing
until one (1) year following the consummation of an initial Business Combination.

 

14.2         
Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that
no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

15.             
Headings

 

The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

16.             
Construction

 

The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will
arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The words
 “include,” “includes,” and “including” will be deemed to be followed by
 “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other
gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not
to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

[remainder of page intentionally left blank]

 

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This subscription is accepted by the Company as
of the date first written above.

 

	By:	/s/ Claudius Tsang	 
	Name:	Claudius Tsang	 
	Title:	Chief Executive Officer and Chief Financial Officer	 

 

Accepted and agreed this

 

14th day of February, 2022

 

A SPAC (HOLDINGS) ACQUISITION CORP.

 

	By:	/s/ Claudius Tsang	 
	Name:	Claudius Tsang	 
	Title:	Authorized Signatory	 

 

[Signature Page for Warrant Subscription Agreement]Exhibit 10.5

 

EXECUTION VERSION

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated
as of February 14, 2022 (“Agreement”), by and among A SPAC I Acquisition Corp., a British Virgin Islands company (the “Company”),
the initial securityholders listed on Exhibit A attached hereto (each, an “Initial Securityholder” and collectively
the “Initial Securityholders”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Escrow
Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of February 14, 2022 (“Underwriting Agreement”), with Chardan Capital Markets, LLC,
acting as the representative of the underwriters (collectively, the “Underwriters”), pursuant to which, among other matters,
the Underwriters have agreed to purchase 6,000,000 units (“Units”) of the Company, plus an additional 900,000 Units if the
Underwriters exercise their over-allotment option in full. Each Unit consists of one Class A ordinary share of the Company, no par value
(an “Ordinary Share”), three-quarters of one warrant, with each whole Warrant exercisable for one Ordinary Share at a price
of $11.50 per Ordinary Share, and one right to receive one-tenth (1/10) of a Class A Ordinary Share, all as more fully described in the
Company’s final Prospectus, dated February 15, 2022 (“Prospectus”), comprising part of the Company’s Registration
Statement on Form S-1 (File No. 333-258184) under the Securities Act of 1933, as amended (“Registration Statement”), declared
effective on February 14, 2022 (“Effective Date”).

 

WHEREAS, the Initial Securityholders
have agreed as a condition of the sale of the Units to deposit their Founder Shares (as defined in the Prospectus), Private Placement
Warrants (as defined in the Prospectus) and all securities underlying the Private Placement Warrants, as set forth opposite their respective
names in Exhibit A attached hereto (collectively “Escrow Securities”), in escrow as hereinafter provided.

 

WHEREAS, the Company and the
Initial Securityholders desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

1.                 
Appointment of Escrow Agent. The Company and the Initial Securityholders hereby appoint the Escrow Agent to act in
accordance with and subject to the terms of this Agreement with authority and power to transfer the Escrow Securities and the Escrow Agent
hereby accepts such appointment and agrees to act in accordance with and subject to such terms without the need for any further guaranteed
share power from the Initial Securityholders.

 

2.                 
Deposit of Escrow Securities. On or prior to the Effective Date, the Escrow Securities shall have been issued to
each of the Initial Securityholders in book entry representing such Initial Securityholder’s respective Escrow Securities, to be
held and disbursed subject to the terms and conditions of this Agreement. Each of the Initial Securityholders acknowledges that the such
Initial Securityholder’s Escrow Securities is legended to reflect the deposit of such Escrow Securities under this Agreement.

 

     

     

    

 

3.                 
Disbursement of the Escrow Securities.

 

3.1             
 The Escrow Agent shall hold the Founder Shares during the period (the “Founder Shares Escrow Period”) commencing
on the date hereof and until the earlier of (A) six months after the date of the consummation of the Company’s initial business
combination (as described in the Registration Statement, hereinafter a “Business Combination”) or (B) subsequent to the Business
Combination, (x) the date on which the closing price of the Ordinary Share equals or exceeds $12.00 per share (as adjusted for share splits,
share capitalizations, share issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing after the Company’s initial Business Combination or or (y) the date following the completion
of the Company’s initial Business Combination 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 Class A ordinary
shares for cash, seucrities or other property . The Founder Shares shall be released upon notice to the Escrow Agent by any Initial Securityholder
or the Company that the foregoing requirements have been met. The Company shall promptly provide written notice of the consummation of
a Business Combination to the Escrow Agent. Upon completion of the Founder Shares Escrow Period, the Escrow Agent shall disburse such
amount of each Initial Securityholder’s Founder Shares to such Initial Securityholder; provided, however, that if the Escrow Agent
is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the FounderShares Escrow
Period, then the Escrow Agent shall promptly destroy the certificates representing the Founder Shares; provided further, however, that
if, subsequent to the Company’s Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation,
merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having the right to exchange
their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a written notice executed by
the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow
Agent, certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Founder
Shares to the Initial Securityholders. The Escrow Agent shall have no further duties hereunder after the disbursement or cancellation
of the Founder Shares in accordance with this Section 3.

 

3.2             
Notwithstanding Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 900,000
Units of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Securityholders
agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Insider Shares held by each such holder
determined by multiplying (a) the product of (i) 225,000 multiplied by (ii) a fraction, (x) the numerator of which is the number of Founder
Shares held by each such holder, and (y) the denominator of which is the total number of Insider Shares, by (b) a fraction, (i) the numerator
of which is 900,000 minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option,
and (ii) the denominator of which is 900,000. The Company shall promptly provide written notice to the Escrow Agent of the expiration
or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection
with their exercise thereof. The Initial Securityholders hereby irrevocably constitute and appoint Escrow Agent to transfer the said Founder
Shares on the books of the Company with full power of substitution in the premises.

 

    2

     

    

 

3.3             
 The Escrow Agent shall hold the Private Placement Warrants during the period (the “Private Warrants Escrow Period”,
and together with the “Founder Shares Escrow Period”, the “Escrow Periods”) commencing on the date hereof and
ending on the date of the consummation of the Business Combination. The Private Warrants shall be released upon notice to the Escrow Agent
by the Sponsor (as defined in the Prospectus) that the foregoing requirements have been met. The Company shall promptly provide written
notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Private Warrants Escrow Period, the Escrow
Agent shall disburse each Initial Securityholder’s Private Warrants to such Initial Securityholder; provided, however, that if the
Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow
Period, then the Escrow Agent shall promptly destroy the certificates representing the Private Warrants. The Escrow Agent shall have no
further duties hereunder after the disbursement or cancellation of the Private Warrants in accordance with this Section 3.

 

4.                 Rights
of Initial Securityholders in Escrow Securities.

 

4.1             
Voting Rights as a Securityholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and
except as herein provided, the Initial Securityholders shall retain all of their rights as shareholders of the Company during the Escrow
Periods, including, without limitation, the right to vote such shares.

 

4.2             
Dividends and Other Distributions in Respect of the Escrow Securities. During the Escrow Periods, all dividends payable
in cash with respect to the Escrow Securities shall be paid to the Initial Securityholders, but all dividends payable in shares or other
non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof.
As used herein, the term “Escrow Securities” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3             
Restrictions on Transfer. During the Escrow Periods, the only permitted transfers of the Escrow Securities will be
for transfers (i) among the Initial Securityholders or to the Company’s or the Initial Securityholders’ members, officers,
directors or their respective affiliates (including for transfers to an entity’s member upon its liquidation), (ii) to relatives
and trusts for estate planning purposes, (iii) by virtue of the laws of descent and distribution upon death of the Initial Securityholder,
(iv) pursuant to a qualified domestic relations order, (v) by certain pledges to secure obligations incurred in connection with purchases
of the Company’s securities, (vi) by private sales made at or prior to the consummation of a Business Combination at prices no greater
than the price at which the shares were originally purchased, or (vii) to the Company for cancellation in accordance with Section 3.2
above or in connection with the consummation of a Business Combination, in each case, except for clause (vii), on the condition that such
transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of
this Agreement and of the Insider Letter (as defined below) signed by the Initial Securityholder transferring the Escrow Securities.

 

4.4              Insider
Letters. Each of the Initial Securityholders has executed a letter agreement with Chardan and the Company, dated as indicated on
Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”),
respecting the rights and obligations of such Initial Securityholder in certain events, including but not limited to the liquidation
of the Company.

 

    3

     

    

 

5.                 
  Concerning the Escrow Agent.

 

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

 

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

 

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

 

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

 

    4

     

    

 

5.5             
Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder
by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn the Escrow Securities held hereunder to a successor escrow agent
appointed by the Company, the Escrow Securities held hereunder. If no new escrow agent is so appointed within the 60 day period following
the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Securities with any court it reasonably deems appropriate.

 

5.6             
Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder
if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective
only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

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

 

5.8             
Waiver. The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind
(“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement,
dated as of the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6.                 
 Miscellaneous.

 

6.1             
Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed 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.

 

6.2             
Third Party Beneficiaries. Each of the Initial Securityholders hereby acknowledges that Chardan is a third party
beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Chardan.

 

6.3             
Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject
matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the
party to the charged.

 

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

 

    5

     

    

 

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

 

6.6             
Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either
be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

A SPAC I Acquisition Corp.

 

Level 39, Marina Bay Financial Centre

Tower 2

10 Marina Boulevard

Singapore 018983

Attn: Claudius Tsang, Chief Executive
Officer

 

If to a Securityholder, to his
address set forth in Exhibit A.

 

and if to the Escrow Agent,
to:

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Fran Wolf, Jr.

 

A copy (which copy shall not
constitute notice) sent hereunder shall be sent to:

 

Chardan Capital Markets, LLC

17 State Street

21st Floor

New York, NY 10004

Attn: George Kaufman

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.

 

and:

 

Hunter Taubman Fishcer & Li LLC

48 Wall Street, Suite 1100

New York, New York 10005

Attn: Lou Taubman, Esq.

Facsimile: (212)530-2210

 

    6

     

    

 

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

 

6.7             
Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution
of the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	 	COMPANY:
	 	 	 
	 	 	A SPAC I ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Claudius Tsang
	 	 	Name:  Claudius Tsag
	 	 	Title: Chief Executive Officer and Chief Financial Officer
	 	 	 
	 	 	INITIAL SECURITYHOLDERS:
	 	 	 
	 	 	A SPAC (Holdings) Acquisition Corp.
	 	 	 
	 	By:	/s/ Claudius Tsang
	 	 	Name: Claudius Tsang
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	
     CONTINENTAL STOCK TRANSFER & TRUST
COMPANY

	 	 	 
	 	By:	/s/ Ana Gois
	 	 	Name: Ana Gois
	 	 	Title: Vice President 

 

     

     

    

 

EXHIBIT A

 

	
    Name and Address of

    Initial Securityholder
	 	
    Number

    of Founder Shares
	 	 	Date of Insider

 Letter or

 Subscription 

Agreement	 	 
	A SPAC (Holdings) Acquisition Corp.	 	 	1,725,000 Founder Shares	 	 	 	February 14, 2022

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