Document:

Exhibit 10.1

 

[•], 2022

Aries II Acquisition Corporation

23 Lime Tree Bay, P.O. Box 1569

Grand Cayman, Cayman Islands KY-1110

 

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”) entered
into by and among Aries II Acquisition Corporation, a Cayman Islands exempted company (the “Company”), and Oppenheimer
 & Co., as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”),
of up to 14,950,000 of the Company’s units (including up to 1,950,000 units that may be purchased to cover over-allotments, if any)
(the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share
(the “Class A Ordinary Shares”), and one-half of one redeemable warrant. Each whole warrant (each, a “Warrant”)
entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment as described
in the Prospectus (as defined below). The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and
prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”)
and the Company has applied to have the Units listed on the Nasdaq Stock Market. 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, each of Aries II Acquisition Partners, Ltd. (the “Sponsor”)
and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each of the
undersigned individuals, an “Insider” and collectively, the “Insiders”), hereby agrees
with the Company as follows:

 

		1.	The Sponsor and each Insider agrees 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 any Ordinary Shares (as defined
below) owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares owned by it, him
or her in connection with such shareholder approval. If the Company seeks to consummate a proposed Business Combination by engaging in
a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him or
her in connection therewith.

 

		2.	The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business
Combination within 12 months (or up to 21 months if we extend the period of time to consummate a business combination) from the closing
of the Public Offering, or such later period approved by the Company’s shareholders in accordance with the Company’s amended
and restated memorandum and articles of association (as it may be amended from time to time, the “Charter”),
the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem 100% of the Class A Ordinary
Shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the funds
held in the Trust Account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided
by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ (as defined
below) rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board
of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands
law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor
and each Insider agrees to not propose any amendment to the Charter (A) to modify the substance or timing of the Company’s obligation
to allow redemption in connection with our initial business combination or to redeem 100% of the Offering Shares if the Company does not
complete a Business Combination within the required time period set forth in the Charter or (B) with respect to any other material provisions
relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides its Public Shareholders
with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not
previously released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares.

 

     

     

    

 

The Sponsor and each Insider acknowledges
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset
of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and
each Insider hereby further waives, with respect to any Ordinary Shares held by it, him or her, if any, any redemption rights it, he or
she may have in connection with (a) 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 (b) a shareholder vote to approve an amendment to the Charter
(A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with our initial business combination
or to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth in
the Charter or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination
activity or in the context of a tender offer made by the Company to purchase Offering Shares (although the Sponsor, the Insiders and their
respective affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the
Company fails to consummate a Business Combination within the time period set forth in the Charter).

 

		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 (the “Exchange Act”), and the rules and regulations of the
Commission promulgated thereunder, with respect to, any Units, Ordinary Shares (including, but not limited to, Founder Shares), Warrants
or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares 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,
Ordinary Shares (including, but not limited to, Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable
for, Ordinary Shares 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 Sponsor, directors
and officers 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 to any transfer permitted
under paragraph 7(c) hereof or 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 upon the failure of the Company to consummate its
initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”)
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) to which the Company may become subject as a result of any claim by (i) any third party for services rendered
or products sold to the Company or (ii) any prospective target business with which the Company has entered into a written letter of intent,
confidentiality or other similar agreement or Business Combination agreement (a “Target”); provided,
however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that
such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per
Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust
Account, if less than $10.10 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets,
less taxes payable, (y) shall not apply to any claims by a third party or a Target which executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor
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 Indemnitor, the Indemnitor notifies the Company in writing that it shall
undertake such defense.

 

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		5.	To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional
1,950,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Initial Shareholders
agree to forfeit, at no cost, a number of Founder Shares, to be split pro rata between them based on the number of Founder Shares they
hold upon the consummation of the Public Offering, equal to 487,500 multiplied by a fraction, (i) the numerator of which is 1,950,000
minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of
which is 1,950,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters
so that the Founder Shares will represent an aggregate of 20.0% of the Company’s issued and outstanding Class A Ordinary Shares
after the Public Offering (not including Class A Ordinary Shares underlying the Private Placement Warrants (as defined below)). The Initial
Shareholders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will purchase
or sell Units or effect a share repurchase or share capitalization, as applicable, immediately prior to the consummation of the Public
Offering in such amount as to maintain the ownership of the Initial Shareholders prior to the Public Offering at 20.0% of its issued and
outstanding Capital Shares upon the consummation of the Public Offering. In connection with such increase or decrease in the size of the
Public Offering, then (A) the references to 1,950,000 in the numerator and denominator of the formula in the first sentence of this paragraph
shall be changed to a number equal to 15% of the number of Public Shares included in the Units issued in the Public Offering and (B) the
reference to 487,500 in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of Founder Shares
that the Initial Shareholders would have to surrender to the Company in order for the Initial Shareholders to hold an aggregate of 20.0%
of the Company’s issued and outstanding Class A Ordinary Shares after the Public Offering (not including Class A Ordinary Shares
underlying the Warrants or Private Placement Warrants).

 

		6.	The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company
would be irreparably injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1,
2, 3, 4, 5, 7(a), 7(b) and 9 as applicable, of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach
and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in
law or in equity, in the event of such breach.

 

		7.	(a)             The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or
any Class A Ordinary Shares issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s
initial Business Combination and (B) subsequent to the Business Combination, (x) if the closing
price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, 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 or other similar transaction
that results in all of the Company’s Public Shareholders having the right to exchange their shares of Class A Ordinary Shares for
cash, securities or other property (the “Founder Shares Lock-up Period”).

 

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(b)               
The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or any Class A Ordinary
Shares underlying the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private
Placement Warrants 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 (b), Transfers of the Founder Shares, Private Placement Warrants
and the Class A Ordinary Shares underlying the Private Placement Warrants 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 or directors, any affiliate,
associate or family member of any of the Company’s officers or directors, any affiliate of the Sponsor or to any members of the
Sponsor or any of their affiliates or family members or to any employee of any such affiliate; (b) in the case of an individual, as a
gift to such person’s immediate family or to a trust, the beneficiary of which is such person or a member of such person’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic relations order;
(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
the consummation of a business combination at prices no greater than the price at which the shares or warrants were originally purchased;
(f) by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability partnership agreement upon dissolution of the
Sponsor; (g) in the event of the Company’s liquidation prior to the consummation of its initial business combination; (h) in the
event that, subsequent to the Company’s consummation of an initial business combination, the Company completes a liquidation, merger,
share exchange or other similar transaction which results in all of its shareholders having the right to exchange their Class A ordinary
shares for cash, securities or other property.

 

		8.	The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled
from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied,
suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information included
in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The Sponsor
and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in
any jurisdiction; it, 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.

 

		9.	Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate of the
                                                              Sponsor or any officer, nor any director of the Company, 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 $300,000 made to the
                                                              Company by the Sponsor; payment to the Sponsor for certain office space, utilities,
secretarial and administrative support services as may be reasonably required by the Company for a total of $10,000 per month; reimbursement
for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial Business Combination,
and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate
of 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 $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option
of the lender. Such warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and
exercise period.

 

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

 

		11.	As used herein, (i) “Business Combination” shall mean a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii)
 “Ordinary Shares” shall mean the Class A Ordinary Shares and Class B ordinary shares, par value $0.0001 per
share (the “Class B Ordinary Shares”); (iii) “Founder Shares” shall mean the 3,737,500
Class B Ordinary Shares issued and outstanding (up to 487,500 of which are subject to complete or partial forfeiture if the over-allotment
option is not exercised by the Underwriters); (iv) “Initial Shareholders” shall mean the Sponsor and any Insider
that holds Founder Shares; (v) “Private Placement Warrants” shall mean the 6,400,000 warrants (or 6,887,500
warrants if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of
$6,400,000 (or $6,887,500 if the over-allotment option is exercised in full), or $1.00 per warrant, in a private placement that shall
occur simultaneously with the consummation of the Public Offering; (vi) “Public Shareholders” shall mean the
holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which
a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified
in clause (a) or (b).

 

		12.	The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum
extent of the coverage available for any of the Company’s directors or officers.

 

		13.	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.

 

		14.	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.

 

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		15.	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.

 

		16.	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.

 

		17.	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.

 

		18.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of New York. 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.

 

		19.	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.

 

		20.	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 December 31, 2022; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 
	 	ARIES II ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	Name: A.R. Thane Ritchie
	 	Title: Chief Executive Officer and Chairman
	 	 
	 	Directors and Officers:
	 	 
	 	 
	 	Thane Ritchie
	 	 
	 	 
	 	Paul Wolfe
	 	 
	 	 
	 	Andy Lester
	 	 
	 	 
	 	Josh Lewis
	 	 
	 	 
	 	Nathan Smith
	 	 
	 	 
	 	Sam Collins
	 	 
	 	 
	 	Ken Rosenblum
	 	 
	 	 
	 	Randy Brinkley
	 	 
	 	 
	 	Michael Lerner
	 	 
	 	 
	 	Ray Conley
	 	 
	 	 
	 	Dr. Mark Mykityshyn
	 	 
	 	 
	 	Dan Webb

 

 

	ARIES II ACQUISITION PARNTERS, LTD	 
	 	 
	By:	 	 
	Name: A.R. Thane Ritchie	 
	Title: Manager	 

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of [●], 2022
by and between Aries II Acquisition Corporation, a Cayman Islands exempted company (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the
Company’s registration statement on Form S-1, File No. 333-[ ___ ] (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering (the
 “Offering”) of the Company’s units (the “Units”), each of which consists
of one Class A ordinary share, par value $0.0001 per share (the “Ordinary Shares”), and one-half of one
redeemable warrant, has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

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

 

WHEREAS, if a Business Combination
(as defined below) is not consummated within the initial 12 month period following the closing of the IPO, the Company may extend such
period by three extensions, with each extension being three months, for up to a maximum of 21 months in the aggregate, subject to the
Company’s sponsor, Aries II Acquisition Partners Ltd. (the “Sponsor”) or its affiliates or permitted designees
depositing $975 000 (or $1,121,250 if the underwriters’ over-allotment option is exercised in full) into the Trust Account no later
than the 15 month and the 18 month anniversary of the IPO (each, an “Applicable Deadline”) for each three month
extension (each, an “Extension”), in exchange for which the Sponsor will receive a non-interest bearing, unsecured
promissory note for each Extension that will be repaid only if the Company completes a Business Combination by the Applicable Deadline;

 

WHEREAS,
as described in the Prospectus, $131,300,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined
in the Underwriting Agreement) (or $150,995,000 if the Underwriters’ over-allotment option
is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in
the United States (the “Trust Account”) for the benefit of the Company, the holders of the Ordinary Shares included
in the Units issued in the Offering and the Underwriters as hereinafter provided (the amount to be delivered to the Trustee (and any interest
subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit
the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders,
the Company and the Underwriters will be referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $4,550,000, or $5,232,500 if the Underwriters’ over-allotment option is exercised
in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon
and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and

 

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

 

NOW THEREFORE, IT IS AGREED:

 

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

 

(a)                
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets
of $100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)               
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

     

     

    

 

(c)               In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or
less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the
Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration;

 

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

 

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

 

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

 

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

 

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

 

(i)                  Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with the terms of, a letter from
the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President,
Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, and
complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds
held in the Trust Account (which interest shall be net of taxes payable and, in the case of Exhibit B, up to $100,000 of interest
to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the
date which is the later of (1) 24 months after the closing of the Offering, (2) such later date upon one or more Extensions effectuated
pursuant to the terms hereof and (3) such later date as may be approved by the Company’s shareholders in accordance with the Company’s
amended and restated memorandum and articles of association if a Termination Letter has not been received by the Trustee prior to such
date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account (which interest
shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), shall be distributed to the Public Shareholders
of record as of such date;

 

(j)                 Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit
C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company
the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of
assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by
electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority
so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, however, that
to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held
in the Trust Account as shall be designated by the Company in writing to make such distribution (it being acknowledged and agreed that
any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The Tax Payment Withdrawal
Instruction of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the
Trustee shall have no responsibility to look beyond said request;

 

    2 

     

    

  

(k)               
 Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute to the
Public Shareholders on behalf of the Company the amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders
properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum
and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection
with our initial business combination or to redeem 100% of the Ordinary Shares included in the Units sold in the Offering (the “Public
Shares”) if the Company has not consummated an initial Business Combination within such time as is described in the Company’s
amended and restated memorandum and articles of association or (B) with respect to any other material provisions relating to shareholders’
rights or pre- initial Business Combination activity. The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(l)                 
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k)
above; and

 

(m)              
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto
at least five business days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of
the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline, follow the instructions set forth in the Extension
Letter.

 

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

 

(a)                
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive
Officer or Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k)
hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

 

(b)               
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all documented
expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by
it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property
or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company
with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate
in such action with its own counsel;

 

(c)                Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(j)
hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation
of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section
2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)                In
connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such
shareholders regarding such Business Combination;

 

    3 

     

    

 

(e)                 Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)                 Unless
otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly
to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the
Trust Account to the Company or any other person;

 

(g)                Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make
any distributions that are not permitted under this Agreement; and

 

(h)               
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or
such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)                 The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The
Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper
or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

 

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

 

    4 

     

    

 

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

 

(i)                 File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements
to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)                 Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating
to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to,
tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)               
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), 1(j) or 1(k) hereof.

 

4.             Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.             Termination.
This Agreement shall terminate as follows:

 

(a)                If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this
Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the
transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however,
that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from
the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the
United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or

 

(b)               At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of
Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall
terminate except with respect to Section 2(b).

 

6.             Miscellaneous.

 

(a)                The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred
from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures
to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained
access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall
rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying information
relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the funds.

 

(b)                This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. This Agreement may be
executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

    5 

     

    

 

(c)                This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without
the affirmative vote of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001
per share, of the Company, voting together as a single class; provided that no such amendment will affect any Public Shareholder
who has properly elected to redeem his or her Ordinary Shares in connection with a shareholder vote to amend this Agreement (A) to modify
the substance or timing of the Company’s obligation to allow redemption in connection with our initial business combination or
to redeem 100% of its Ordinary Shares if the Company does not complete its initial Business Combination within the time frame specified
in the Company’s amended and restated memorandum and articles of association or (B) with respect to any other material provisions
relating to shareholders’ rights or pre-initial Business Combination activity), this Agreement or any provision hereof may only
be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto; provided,
however, that no such change, amendment or modification to Section 1(i) or 2(f) or Exhibit A may be made without the prior written
consent of the Representative.

 

(d)                The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(e)                Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall
be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by electronic
mail:

 

	 	if to the Trustee, to:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	1 State Street, 30th Floor
	 	New York, New York 10004
	 	Attn: Francis Wolf & Celeste Gonzalez
	 	
    Email: fwolf@continentalstock.com

    Email: cgonzalez@continentalstock.com

	 	 
	 	if to the Company, to:
	 	 
	 	
    Aries II Acquisition Corporation

    23 Lime Tree Bay, P.O Box 1569

    Grand Cayman, Cayman Islands KY-1110

	 	
    Attn: Thane Ritchie

    Email: tritchie@alphacartapartners.com

	 	 
	 	in each case, with copies to:
	 	 
	 	
    Winston & Strawn LLP

	 	200 Park Avenue
	 	New York, New York 10166
	 	
    Attn: David A. Sakowitz, Esq.

    Email: DSakowitz@winston.com

	 	 
	 	and

 

	 	
    Ogier

    89 Nexus Way

    Camana Bay, Grand Cayman

    Cayman Islands, KY1-9009

    Attn: Michael Robinson

    Email: Michael.Robinson@ogier.com

    

 

    6 

     

    

 

	 	
    Oppenheimer & Co.

    85 Broad Street, 23rd Floor

    New York, New York, 10004

	 	 
	 	and
	 	 
	 	
    Proskauer Rose LLP

    Eleven Times Square

    New York, New York 10036

    Attn: Steven Burwell

    Email: SBurwell@proskauer.com

	 	 

(f)                 Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not
make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust
Account under any circumstance.

 

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

 

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

 

(i)                 Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party
beneficiary of this Agreement.

 

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

 

[Signature Page Follows] 

 

    7 

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:   
	 	 
	 	ARIES II ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name: 	A.R. Thane Ritchie
	 	 	Title:	Chief Executive Officer and Chairman 

 

[Signature Page to Investment
Management Trust Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500.00	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 1	 	Billed to Company following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

    

     

    

  

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

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

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company and the Representative, solely
with respect to the Deferred Discount, shall direct on the Consummation Date (including as directed to it by the Representative on behalf
of the Underwriters (with respect to the Deferred Discount)).

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”), and
(ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer
or President, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote
is held and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds held
in the Trust Account, including payment of amounts owed to public shareholders who have properly exercised their redemption rights and
payment of the Deferred Discount directly to the account or accounts directed by the Representative from the Trust Account (the “Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits
held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation
Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the
original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the
funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately
following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

    

     

    

 

	 	Very truly yours,
	 	 
	 	Aries II Acquisition Corporation
	 	 
	 	By:	      
	 	 	Name:
	 	 	Title:

 

	Agreed and acknowledged by:	 
	 	 
	Oppenheimer & Co.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account -- Termination Letter

  

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between Aries II Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [•], 2022 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business
(the “Business Combination”) within the time frame specified in the Company’s Amended and Restated Memorandum
and Articles of Association, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds
into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders. The Company has
selected __________1 as the effective date for the purpose
of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. You agree to be the
Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s
Public Shareholders in accordance with the terms of the Trust Agreement and the Memorandum and Articles of Association of the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section
1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Aries II Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc: Oppenheimer & Co.	 

 

 

1 12 months from
the closing of the Offering, or at a later date, if extended.

 

    

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account - Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between Aries II Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [•], 2022 (the “Trust
Agreement”), the Company hereby requests that you deliver to the Company $_______   of the interest
income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

The Company needs such funds
to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Aries II Acquisition Corporation 
	 	 
	 	By:	        
	 	 	Name:
	 	 	Title:
	 	 
	cc: Oppenheimer & Co.	 

 

    

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account - Shareholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(k) of the Investment Management Trust Agreement between Aries II Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated
as of [•], 2022 (the “Trust Agreement”), the Company hereby requests
that you deliver to the redeeming Public Shareholders of the Company $____ of the principal and interest income earned on the Property
as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution to the Public Shareholders who
have requested redemption of their Ordinary Shares. Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

The Company needs such funds to pay its Public
Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to
approve an amendment to the Company’s amended and restated memorandum and articles of association
(A) to modify the substance or timing of the Company’s obligation to allow redemption in connection
with our initial business combination or to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial Business
Combination within such time as is described in the Company’s amended and restated memorandum
and articles of association or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial
Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon
your receipt of this letter.

 

	 	Very truly yours,
	 	 
	 	Aries II Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: Oppenheimer & Co. 	 

 

    

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re: Trust Account No. [     ] Extension Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

  

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Aries II Acquisition Corporation. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of [•], 2022 (“Trust Agreement”),
this is to advise you that the Company is extending the time available to consummate a Business Combination for an additional three (3)
months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used
herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

[In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $975,000 [(or $1,121,250 if the underwriters’
over-allotment option was exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.]

 

This
is the [first/second/third] of up to three Extension Letters.

 

	 	Very truly yours,
	 	 
	 	Aries II Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: Oppenheimer & Co.

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