Document:

Exhibit 10.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $400,000	Dated as of June 4, 2021

 

A SPAC I Acquisition Corp.,
a British Virgin Islands company (the “Maker”), promises to pay to the order of A SPAC (Holdings) Acquisition Corp.
or its registered assigns or successors in interest (the “Payee”) the principal sum of Four-hundred Thousand Dollars
($400,000) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee
may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.             Principal. The principal balance of this Promissory Note (this “Note”) shall be payable promptly after
the date on which the Maker consummates an initial public offering of its securities or the date on which the Company determines not to
conduct an initial public offering of its securities. The principal balance may be prepaid at any time.

 

2.             Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.             Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.

 

4.             Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)              
Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following
the date when due.

 

(b)              
Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization,
rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it
of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking
of corporate action by Maker in furtherance of any of the foregoing.

 

    

     

    

 

(c)              
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its property, or
ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.

 

5.             Remedies.

 

(a)              
Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)              
Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and
all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any
action on the part of Payee.

 

6.             Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice
of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any
property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under
execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.             Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any
other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee
with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.             Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested,
(ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted
delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party may designate by notice
in accordance with this Section:

 

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If to Maker:

 

A SPAC I Acquisition Corp.

Ritter House

Wickhams Cay II

PO Box 3170

Road Town, Tortola VG1110

British Virgin Islands

 

If to Payee:

 

A SPAC (Holdings) Acquisition Corp.

Ritter House

Wickhams Cay II

PO Box 3170

Road Town, Tortola VG1110

British Virgin Islands

 

Notice shall be deemed given on the earlier of
(i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected on a
signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

9.             Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

10.           Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with
this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and
the parties submit to the exclusive jurisdiction of the courts of New York.

 

11.           Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

 

12.           Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any amounts contained in the trust account in which the proceeds of the initial
public offering (the “IPO“) conducted by the Maker and the proceeds of the sale of securities in a private placement
to occur prior to the effectiveness of the IPO, as described in greater detail in the registration statement and prospectus to be filed
with the Securities and Exchange Commission in connection with the IPO, will be placed, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim from the trust account or any distribution therefrom for any reason whatsoever.

 

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13.           Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.           Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto
(by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the
required consent shall be void.

 

15.           Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any
other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give
full effect to this Promissory Note.

 

IN WITNESS WHEREOF, Maker, intending to
be legally bound hereby, has caused this Note to be duly executed on the day and year first above written.

 

	 	A SPAC I Acquisition Corp.
	 	 	 	 
	 	By: 	/s/ Serena Shie
	 	 	Name: 	Serena Shie Wing Shie
	 	 	Title: 	Director

 

    4Exhibit 10.2

 

[    ], 2022

 

A SPAC I Acquisition Corp.

Level 39, Marina Bay Financial Centre

Tower 2

10 Marina Boulevard

Singapore 018983

 

Chardan Capital Markets, LLC

17 State Street

21st Floor

New York, NY 10004

 

Re:Initial Public Offering

 

Ladies and Gentlemen:

 

This letter is being delivered to you in accordance with the Underwriting
Agreement (the “Underwriting Agreement”) entered into by and between A SPAC I Acquisition Corp., a British Virgin
Islands business company (the “Company”), and Chardan Capital Markets, LLC, as Underwriter (the “Underwriter”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one Class A ordinary share of the Company, no par value (the “Ordinary Shares”), three-fourths
of one redeemable warrant (the “Warrants”) and one right to receive one-tenth (1/10) of one Ordinary Share (the
 “Rights”). Certain capitalized terms used herein are defined in paragraph 17 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.                 
If the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially
owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination. If the Company engages in
a tender offer in connection with any proposed Business Combination, the undersigned agrees that it, he or she will not seek to sell its,
his or her Ordinary Share to the Company in connection with such tender offer.

 

2.                 
(a) Unless the Company’s shareholders are previously given the option to redeem their shares in connection with amending
applicable documents to extend the time that the Company has to complete a Business Combination and the Company fails to consummate a
Business Combination within 12 months from the closing of the Company’s IPO (or, in the event that the Company extended the period
of time to consummate a business combination up to two times, each by an additional three months, up to 18 months from the closing of
the Company’s IPO), the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed
to the holders of the IPO Shares and (ii) cause the Company to liquidate as soon as reasonably practicable

 

    

     

    

 

(b)              
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund
and any remaining net assets of the Company as a result of such liquidation with respect to his, her or its Insider Shares including any
shares underlying the Private Warrants (“Claim”) and hereby waives any Claim the undersigned may have in the
future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund
for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with respect
to any shares underlying the Private Warrants, all of which will terminate on the Company’s liquidation.

 

3.             In the event of the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any
and all loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably
incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) which
the Company may become subject as a result of any claim by any target business or vendor or other person who is owed money by the Company
for services rendered or products sold or contracted for, but only to the extent necessary to ensure that such loss, liability, claim,
damage or expense does not reduce the amount of funds in the Trust Fund; provided that such indemnity shall not apply if such target business,
vendor or other person has executed an agreement waiving any claims against the Trust Fund.[1]

 

4.             In the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek
recourse for such expenses.[2]

 

5.             The undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Warrants will
be subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Warrants.

 

6.             The undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Founder Shares will be
subject to the transfer restrictions described in the Registration Rights Agreement related to the undersigned’s Founder Shares.

 

7.             In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target
business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to
any pre-existing fiduciary and contractual obligations the undersigned might have.

 

 

 

[1] Applicable only to A SPAC (Holdings)
Acquisition Corp. Only.

 

[2] Applicable only to A SPAC (Holdings)
Acquisition Corp. Only.

 

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8.             The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with,
or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, such transaction must be
approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent
investment banking firm that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point
of view.

 

9.             Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to
receive and will not accept any compensation or other cash payment prior to, or for services rendered in connection with, the consummation
of the Business Combination; provided that the Company shall be allowed to repay working capital loans made by the undersigned
to the Company in cash upon consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate
of the undersigned shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying,
investigating and consummating a Business Combination with approval from the Chief Financial Officer from
proceeds held outside the Trust Account.

 

10.           Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to
receive or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned
or any affiliate of the undersigned originates a Business Combination.

 

11.           The undersigned agrees to be a director/officer of the Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and
the Underwriter is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s
biography and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities
Act of 1933. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Underwriter is true and accurate
in all material respects. The undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

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	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

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	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

 

	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

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	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

12.           The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter
agreement and to serve as a Director and/or officer of the Company.

 

13.           In the event the over-allotment option granted to the underwriters of the IPO is not exercised in full, the undersigned acknowledges
and agrees that it (and, if applicable, any transferee of any of the Class A Ordinary Shares purchased and issued to the undersigned hereunder)
shall forfeit any and all rights to such number of the Class A Ordinary Shares purchased and issued to the undersigned hereunder (up to
an aggregate of all of the 225,000 Class A Ordinary Shares so purchased and issued and pro rata based upon the percentage of the over-allotment
option exercised) such that immediately following such forfeiture, the undersigned (and any such transferees of the undersigned) will
own, in total, an aggregate number of the ordinary shares (not including the ordinary shares underlying any private placement warrants
that may be issued to the undersigned upon exercise of any securities or rights purchased by the undersigned in the IPO or in the aftermarket)
equal to 20% of the issued and outstanding ordinary shares of the Company immediately following the IPO. If any of the Class A Ordinary
Shares are forfeited in accordance with this clause 11, then after such time the undersigned (or any successor in interest), shall no
longer have any rights as a holder of such forfeited Class A Ordinary Shares, and the Company shall take such action as is appropriate
to redeem and cancel such forfeited Class A Ordinary Shares, which may include by way of the compulsory redemption and cancellation of
such Class A Ordinary Shares for nil consideration. In addition, the undersigned hereby irrevocably grants the Company a limited power
of attorney for the purpose of effectuating the foregoing and agrees to take any and all action reasonably requested by the Company necessary
to effect any adjustment in this clause 11 (including any such redemption as is referred to herein above).[3]

 

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14.           The undersigned hereby waives his, her or its right to exercise redemption rights with respect to any Ordinary Shares owned or
to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket,
and agrees that he, she or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve
a Business Combination with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Memorandum and
Articles of Association, or a tender offer by the Company prior to a Business Combination.

 

15.           The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum
and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business
Combination unless the Company offers holders of IPO Shares the right to receive their pro rata portion of the funds then held in the
Trust Fund.

 

16.           In connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would result
in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising
out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration in accordance with the
International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought before the
AAA International Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided
by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be
final and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and
arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or
as otherwise directed by the arbitrators.

 

17.           As used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition,
contractual arrangement, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses
or entities; (ii) “Insiders” shall mean all officers, directors and shareholders of the Company immediately
prior to the IPO; (iii) “Insider Shares” shall mean all of the Ordinary Shares of the Company acquired by an
Insider prior to the IPO and any Ordinary Shares underlying the Private Warrants; (iv) “IPO Shares” shall mean
the Ordinary Shares issued in the Company’s IPO; (v) “Private Warrants” shall mean (x) the Warrants purchased
in the private placement taking place simultaneously with the consummation of the Company’s IPO and (y) the additional Warrants
that may be purchased in connection with the exercise of the over-allotment option by the underwriters in the IPO as described in the
Registration Statement; (vi) “Registration Statement” means the registration statement on Form S-1 filed by
the Company with respect to the IPO; and (vii) “Trust Fund” shall mean the trust fund into which a portion of
the net proceeds of the Company’s IPO will be deposited.

 

 

 

[3] Applicable to A SPAC (Holdings)
Acquisition Corp. only.

 

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18.           Any notice, consent or request to be given in connection with any of the terms or provisions of this letter agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand
delivery or facsimile transmission.

 

If to the Underwriter:

 

Chardan Capital Markets, LLC

17 State Street

21st Floor

New York, NY 10004

Attn: Jack Y. Liu

 

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

 

Hunter Taubmann Fischer & Li LLC

48 Wall Street, Suite 1100

New York, NY 10005

Attn: Lou Taubman, Esq.

 

If to the Company:

 

A SPAC I Acquisition Corp.

Level 39, Marina Bay Financial Centre

Tower 2

10 Marina Boulevard

Singapore 018983

Attn: Claudius Tsang, Chief Executive Officer and Chief Financial Officer

 

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

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

Facsimile: (212) 504-3013

 

19.             
No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this 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 parties hereto
and any successors and assigns thereof.

 

20.             
The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO.

 

[Signature Page Follows]

 

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	 	Sincerely,	 
	 	 	 
	 	A SPAC (HOLDINGS) ACQUISITION CORP.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/
	 	 	Name:
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	/s/
	 	 	Abuzzal Abusaeri
	 	 	 
	 	 	/s/ 
	 	 	Claudius Tsang
	 	 	 
	 	 	/s/ 
	 	 	Giang Nguyen Hoang
	 	 	 
	 	 	/s/ 
	 	 	John Brebeck
	 	 	 
	 	 	 
	 	
    A SPAC I ACQUISITION CORP.

     

    Acknowledged and Agreed:

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

 

[Signature Page to Letter Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]