Document:

Exhibit 10.7

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT (this “Agreement”)
is made as of [ ], 2021, by and between AIB Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
having its principal place of business 875 at 3rd Avenue, Suite M204A, New York, New York, 10022, and Maxim Group LLC (the “Purchaser”).

 

WHEREAS, the Company desires to sell on a private
placement basis (the “Offering”) an aggregate of 37,500 units (the “Initial Units”)
of the Company, each Initial Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share and one right (the
“Right”) to be governed by the Rights Agreement (defined herein), for a purchase price of $375,000, or $10.00
per Initial Unit, and up to 5,625 units (“Additional Units” and together with the Initial Units, the “Units”),
each Additional Unit comprised of one Class A ordinary share and one Right, for a purchase price of $56,250, or $10.00 per Additional
Unit. Each Right entitles the holder thereof to receive one-tenth (1/10) of one Class A ordinary share (the “Right Shares”)
upon the consummation of an initial business combination.

 

WHEREAS, the Purchaser desires
to purchase the Initial Units and the Company wishes to accept such subscription.

 

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

 

1. Agreement to Subscribe

 

1.1. Purchase and Issuance of the Initial
Units. For the aggregate sum of $375,000 (the “Initial Purchase Price”), upon the terms and subject to the
conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Purchaser,
on the Closing Date (as defined in Section 1.2) 37,500 Initial Units at $10.00 per Initial Unit.

 

In addition to the foregoing, the Purchaser hereby
agrees to purchase up to an additional 5,625 Additional Units at $10.00 per Additional Unit for a purchase price of $56,250 (the “Additional
Purchase Price” and together with the Initial Purchase Price, the “Purchase Price”). The purchase
and issuance of the Additional Units shall occur only in the event that the underwriters’ 45-day over-allotment option (“Over-Allotment
Option”) in the Offering is exercised in full or part. The total number of Additional Units to be purchased hereunder shall
be in the same proportion as the amount of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur
simultaneously with the consummation of any portion of the Over-Allotment Option.

 

1.2. Closing. The closing (the “Closing”)
of the Offering shall take place at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York,
10105 simultaneously with the consummation of the Company’s initial public offering (“IPO”) of 7,500,000
Units and the consummation of the exercise of all or any portion of the Over-Allotment Option (each a “Closing Date”).

 

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

 

    

     

    

 

1.4. Delivery of Unit Certificate.
Upon the applicable Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the Purchaser shall become irrevocably
entitled to receive a unit certificate representing the Units purchased hereunder. 

 

2. Representations and Warranties of the
Purchaser

 

The Purchaser represents and warrants to the Company
that:

 

2.1. No Government Recommendation or Approval.
It understands that no United States federal or state agency or similar agency of any other country has passed upon or made any recommendation
or endorsement of the Company, the Offering, the Units, the Rights, the Right Shares or the Class A ordinary shares underlying the Units
(excluding the Right Shares, the “Unit Shares” and, collectively with the Units and the Right Shares, the “Securities”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3. Representations
and Warranties of the Company

 

The Company represents and
warrants to the Purchaser that:

 

3.1. Valid Issuance of Share Capital.
The total number of all classes of share capital which the Company has authority to issue is (i) 50,000,000 Class A ordinary shares, (ii)
3,000,000 Class B ordinary shares and (iii) 1,000,000 preferred shares. As of the date hereof, the Company has issued 2,156,250 Class
B ordinary shares (of which 281,250 Class B ordinary shares are subject to forfeiture as described in the registration statement related
to the IPO) and no preferred shares are issued and outstanding. All of the issued share capital of the Company has been duly authorized,
validly issued, and are fully paid and non-assessable.

 

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

 

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

 

3.4. Authorization; Enforcement. (i) The
Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to issue the
Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company and
the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action and no further
consent or authorization of the Company or its Board of Directors or shareholders is required, and (iii) this Agreement constitutes,
and upon the execution and delivery thereof, the Rights and Rights Agreement will constitute, valid and binding obligations of the Company
enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity
and contribution may be limited by federal and state securities laws or principles of public policy.

 

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

 

4. Legends

 

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

 

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

 

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“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
AN AGREEMENT BETWEEN AIB ACQUISITION CORPORATION AND MAXIM GROUP LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH THEREIN.”

 

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

 

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

 

4.4. Registration Rights. The Purchaser
will be entitled to certain registration rights which will be governed by a registration rights agreement (the “Registration
Rights Agreement”) to be entered into with the Company on or prior to the closing of the IPO; provided, however, that the
Purchaser may not exercise its demand and “piggy back” registration rights pursuant to such Registration Rights Agreement
after five (5) and seven (7) years after the effective date of the Registration Statement, respectively, and the Purchaser may not exercise
its demand registration rights thereunder more than one time.

 

5. Lockup

 

The Purchaser acknowledges and agrees that the
Units, the Rights, the Unit Shares and the Right Shares shall not be transferable, saleable or assignable until thirty (30) days after
the consummation of an acquisition, share exchange, purchase of all or substantially all of the assets of, or any other similar business
combination with one or more businesses or entities (a “Business Combination”), except to permitted transferees
(as defined in the Registration Statement). The Securities will be deemed compensation by the Financial Industry Regulatory Authority
(“FINRA”) and will therefore be subject to lock-up for a period of 180 days immediately following the date of
effectiveness of the Registration Statement or commencement of sales of the Offering, subject to certain limited exceptions, pursuant
to Rule 5110(g)(1) of the FINRA Manual. Accordingly, the Securities may not be sold, transferred, assigned, pledged or hypothecated for
180 days immediately following the effective date of the Registration Statement except to any underwriter or selected dealer participating
in the Offering and the bona fide officers, partners or affiliates of the Purchaser and any such participating underwriter or selected
dealer nor may they be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition
of the securities by any person during such 180-day period.

 

6. Securities Laws Restrictions

 

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

 

7. Waiver of Distributions
from Trust Account

 

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

 

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8. Rescission Right Waiver and Indemnification

 

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

 

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

  

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

 

9. Terms of the Unit

 

The Units shall be substantially identical to
the Units offered in the IPO as set forth in the Underwriting Agreement, except the Units: (i) will be subject to the transfer restrictions
described herein, and (ii) are being purchased pursuant to an exemption from the registration requirements of the Securities Act
and will become freely tradable only after certain conditions are met or the resale of the Units is registered under the Securities Act.

 

10. Governing Law; Jurisdiction; Waiver
of Jury Trial

 

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

 

11. Assignment; Entire Agreement; Amendment

 

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

 

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

 

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

 

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

 

12. Notices; Indemnity

 

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

 

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

 

13. Counterparts

 

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

 

14. Survival; Severability

 

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

 

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

 

15. Headings

 

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

 

16. Construction

 

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

 

[Remainder of page intentionally left blank]

 

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

 

	 	AIB ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Eric Chen
	 	Title:	Chief Executive Officer and Chief Financial Officer

   

Accepted and agreed on

[__], 2021

 

MAXIM GROUP LLC

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

 

8Exhibit
10.8

 

FORM
OF INDEMNITY AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) is made as of [●], 2021, by and between AIB Acquisition
Corporation, a Cayman Islands exempted company (the “Company”), and [    ] (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly
competent persons have become more reluctant to serve publicly-held companies as directors, officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against
them arising out of their service to and activities on behalf of such companies;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving
the Company and its Subsidiaries (as defined below) from certain liabilities;

 

[WHEREAS,
while the Second  Amended and Restated Memorandum and Articles of Association of the Company provide for the indemnification of
the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law,
and the Second Amended and Restated Memorandum and Articles of Association provide that the indemnification provisions set forth therein
are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors,
officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;] 

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to
advance expenses on behalf of, such persons to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum
and Articles of Association of the Company so that they will serve or continue to serve the Company free from undue concern that they
will not be so protected against liabilities;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Second Amended and Restated Memorandum and Articles of Association of the
Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder; and 

 

WHEREAS,
Indemnitee may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve
in such capacity, and Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company
on the condition that he or she be so indemnified.

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows:

 

TERMS
AND CONDITIONS

 

1. SERVICES
TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue
to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee
is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is removed. The foregoing
notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer,
advisor, key employee or in any other capacity of the Company, as provided in Section ‎17. This Agreement, however, shall
not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise
required by law or by other agreements or commitments of the parties, if any.

 

     

     

    

 

2. DEFINITIONS. As
used in this Agreement:

 

(a) References
to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a
director, officer, employee, fiduciary or other official of another company, corporation, partnership, limited liability company, joint
venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary
of the Company.

 

(b) The
terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c) “Cayman
Court” shall mean the courts of the Cayman Islands.

 

(d) A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of
any of the following events:

 

(i) Acquisition
of Shares by Third Party. Other than an affiliate of AIB LLC, a Delaware limited liability company (the “Sponsor”),
any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the
election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors,
or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute
a Change in Control under part (iii) of this definition;

 

(ii) Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board
or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still
in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

(iii)  Corporate
Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business
combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless,
following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities
entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in
the election of directors resulting from such Business Combination (including, without limitation, a company which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries)
in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to
vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any company resulting from
such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding
securities entitled to vote generally in the election of directors of the surviving company except to the extent that such ownership
existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the company resulting from such Business
Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors,
providing for such Business Combination;

 

(iv) Liquidation.
The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for
the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s
current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation,
sale, or disposition in one transaction or a series of related transactions); or

 

    2

     

    

 

(v) Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange
Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

(e) “Companies
Law” shall mean the Companies Law (2018 Revision) of the Cayman Islands, as amended from time to time.

 

(f) “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving
at the request of the Company.

 

(g) “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect
of which indemnification is sought by Indemnitee.

 

(h) “Enterprise”
shall mean the Company and any other company, corporation, constituent company or corporation (including any constituent of a constituent)
absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of
the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

(i) “Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended.

 

(j) “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable
attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private
investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service
fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise
participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or
she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with
any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other
costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(k) References
to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.

 

(l) References
to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary
of the Company or a Subsidiary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent
or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in
a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan,
Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred
to in this Agreement.

 

(m) “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and
that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

    3

     

    

 

(n) The
term “Person” shall have the meaning as set forth in Sections ‎13(d) and ‎14(d)
of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii)
any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company
or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their
ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of
the Company in substantially the same proportions as their ownership of shares of the Company.

 

(o) The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise
by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken
by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason
of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing
member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability
or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

 

(p) The
term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership,
joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned,
directly or indirectly, by that Person.

 

3. INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum
and Articles of Association of the Company, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the
provisions of this Section ‎3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness,
deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor
by reason of Indemnitee’s Corporate Status. Pursuant to this Section ‎3, Indemnitee shall be indemnified, held
harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties
and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or
her conduct was unlawful.

 

4. INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law and the Second Amended and
Restated Memorandum and Articles of Association of the Company, the Company shall indemnify, hold harmless and exonerate Indemnitee in
accordance with the provisions of this Section ‎4 if Indemnitee was, is, or is threatened to be made, a party to or a
participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor
by reason of Indemnitee’s Corporate Status. Pursuant to this Section ‎4, Indemnitee shall be indemnified, held
harmless and exonerated against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made
under this Section ‎4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged
by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman
Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

    4

     

    

 

5. INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for
Section ‎27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or
a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein,
in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum
and Articles of Association of the Company, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably
incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent
permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company, indemnify, hold
harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection
with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall,
to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company,
indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter
related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result
as to such claim, issue or matter.

 

6. INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section ‎27, to the extent
that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not
a party or threatened to be made a party, he or she shall, to the fullest extent permitted by applicable law and the Second Amended and
Restated Memorandum and Articles of Association of the Company, be indemnified, held harmless and exonerated against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

7. ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.

 

(a) Notwithstanding
any limitation in Sections ‎3, ‎4, or ‎5, except for Section ‎27, the
Company shall, to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association
of the Company, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by
Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section ‎7(a)
on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders
or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

(b) Notwithstanding
any limitation in Sections ‎3, ‎4, ‎5 or ‎7(a), except for Section ‎27,
the Company shall, to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association
of the Company, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any
Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by
Indemnitee in connection with the Proceeding.

 

8. CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY.

 

(a) To
the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in
this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding
harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without
requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have
at any time against Indemnitee.

 

    5

     

    

 

(b) The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c) The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9. EXCLUSIONS. Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses,
hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a) for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision
and which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any
insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

(b) for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section ‎16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or
common law; or

 

(c) except
as otherwise provided in Sections ‎14(f)‎-‎(g) hereof, prior to a Change in Control, in connection
with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless
or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10. ADVANCES
OF EXPENSES; DEFENSE OF CLAIM.

 

(a)
Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable
law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within
three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by
applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company, be unsecured and interest free.
Advances shall, to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association
of the Company, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate
entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and
all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments
of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking,
by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled
to be indemnified by the Company under the provisions of this Agreement, the Second Amended and Restated Memorandum and Articles of Association,
applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless
or exoneration payment is excluded pursuant to Section 9. 

 

(b) The
Company will be entitled to participate in the Proceeding at its own expense.

 

(c) The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty
or limitation on Indemnitee without Indemnitee’s prior written consent.

 

    6

     

    

 

11. PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a) Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or
exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

(b) Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion.
Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined
according to Section ‎12(a) of this Agreement.

 

12. PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION.

 

(a) A
determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the
specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority vote of such directors,
(iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board,
a copy of which shall be delivered to Indemnitee, or (iv) by vote of the shareholders. The Company promptly will advise Indemnitee in
writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason
or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to
Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons
or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including
reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.

 

(b) In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section ‎12(a)
hereof, the Independent Counsel shall be selected as provided in this Section ‎12(b). The Independent Counsel shall be
selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written
notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel
so selected meets the requirements of “Independent Counsel” as defined in Section ‎2 of this Agreement. If
the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity
of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section ‎2 of this Agreement. In either event, Indemnitee or the Company, as the case may
be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee,
as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section ‎2
of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent
Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction
has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request
for indemnification pursuant to Section ‎11(b) hereof, no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the
Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act
as Independent Counsel under Section ‎(a) hereof. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section ‎14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    7

     

    

 

(c) The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

13. PRESUMPTIONS
AND EFFECT OF CERTAIN PROCEEDINGS.

 

(a) In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section ‎11(b) of this Agreement, and the Company shall have the burden of proof to overcome that
presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither
the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the
commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met
the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent
Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

(b)
If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by applicable law and the Second
Amended and Restated Memorandum and Articles of Association of the Company, be deemed to have been made and Indemnitee 12 shall be entitled
to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial
determination that any or all such indemnification is expressly prohibited under applicable law or the Second Amended and Restated Memorandum
and Articles of Association of the Company; provided, however, that such 30-day period may be extended for a reasonable time, not to
exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification
in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

 

(c) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he
or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(d) For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based
on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the
directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise,
its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records
given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or
managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board,
any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section ‎13(d)
shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have
met the applicable standard of conduct set forth in this Agreement.

 

(e) The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this
Agreement.

 

    8

     

    

 

14. REMEDIES
OF INDEMNITEE.

 

(a) In
the event that (i) a determination is made pursuant to Section ‎12 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law and the Second
Amended and Restated Memorandum and Articles of Association of the Company, is not timely made pursuant to Section ‎10
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section ‎12(a)
of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section ‎5, 6, 7 or the last sentence of Section ‎12(a) of this Agreement within
ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant
to Section ‎8 of this Agreement, (vi) payment of indemnification pursuant to Section ‎3 or 4 of this
Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii)
payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance
with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration,
contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein,
the provisions of Cayman Islands law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b) In
the event that a determination shall have been made pursuant to Section ‎12(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section ‎14 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

(c) In
any judicial proceeding or arbitration commenced pursuant to this Section ‎14, Indemnitee shall be presumed to be entitled
to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden
of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case
may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section ‎12(a) of this
Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section ‎14,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section ‎10 until a final determination
is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(d) If
a determination shall have been made pursuant to Section ‎12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section ‎14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(e) The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section ‎14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(f)
The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law and the Second Amended and
Restated Memorandum and Articles of Association of the Company against all Expenses and, if requested by Indemnitee, shall (within ten
(10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable
law and the Second Amended and Restated Memorandum and Articles of Association of the Company, such Expenses which are incurred by Indemnitee
in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover
damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement
or provision of the Second Amended and Restated Memorandum and Articles of Association now or hereafter in effect; or (ii) for recovery
or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether
Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution
or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

    9

     

    

 

(g) Interest
shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds harmless
or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date
on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses
and ending with the date on which such payment is made to Indemnitee by the Company.

 

15. SECURITY.
Notwithstanding anything herein to the contrary, except for Section ‎27, to the extent requested by Indemnitee and approved
by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder
through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not
be revoked or released without the prior written consent of Indemnitee.

 

16. NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a) The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the Second Amended and Restated Memorandum and Articles of Association, any agreement, a vote of shareholders
or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit
or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened,
commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee
in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether
by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than
would be afforded currently under the Second Amended and Restated Memorandum and Articles of Association or this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right
or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right
or remedy.

 

(b) The
Companies Law and the Second Amended and Restated Memorandum and Articles of Association permit the Company to purchase and maintain
insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit,
or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against
him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Company, or
arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability
under the provisions of this Agreement or under the Companies Law, as it may then be in effect. The purchase, establishment, and maintenance
of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee
shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.

 

(c) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves
at the request of the Company, Indemnitee 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 such director, officer, trustee, partner, managers, managing member, fiduciary, employee or
agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

    10

     

    

 

(d)
In the event of any payment under this Agreement, the Company, to the fullest extent permitted by applicable law and the Second Amended
and Restated Memorandum and Articles of Association of the Company, shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all action
necessary to secure such 16 rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.

 

(e) The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at
the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments
or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section ‎27,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s
satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under
this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless,
exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

(f) Notwithstanding
anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or
its affiliates is secondary.

 

17. DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as
a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent
of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the
request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any
rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section ‎14 of this Agreement) by reason
of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred
for which indemnification or advancement can be provided under this Agreement.

 

18. SEVERABILITY. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is
not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company;
(b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum
effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested
thereby.

 

19. ENFORCEMENT
AND BINDING EFFECT.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

    11

     

    

 

(b) Without
limiting any of the rights of Indemnitee under the Second Amended and Restated Memorandum and Articles of Association of the Company
as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto
with respect to the subject matter hereof.

 

(c) The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall
be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company),
shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer,
trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request,
and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other
legal representatives.

 

(d) The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform if no such succession had taken place.

 

(e)
The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may, to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of
Association of the Company, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof,
without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance,
Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee
further agree that Indemnitee shall, to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum
and Articles of Association of the Company, be entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of
competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by applicable
law and the Second Amended and Restated Memorandum and Articles of Association of the Company.

 

20. MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company
and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver.

 

21. NOTICES. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given
(i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii)
mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

(a) If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in
writing to the Company.

 

    12

     

    

 

(b) If
to the Company, to:

  

AIB
Acquisition Corporation

 

875
3rd Avenue, Suite M204A

New
York, New York, 10022

Attention:
Chief Executive Officer

 

With
a copy, which shall not constitute notice, to

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

Attn:
Barry I. Grossman, Esq.

 

or
to any other address as may have been furnished to Indemnitee in writing by the Company.

 

22. APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section ‎14(a) of this Agreement, to the fullest extent permitted
by applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company, the Company and Indemnitee
hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other
country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out
of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman
Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court has
been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted
by applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company, the parties hereby agree
that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or
in such other manner as may be permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association
of the Company, shall be valid and sufficient service thereof.

 

23. IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against
whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

24. MISCELLANEOUS. Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of
this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

25. PERIOD
OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years
from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released
unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of
limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

26. ADDITIONAL
ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required
to the fullest extent permitted by applicable law and the Second Amended and Restated Memorandum and Articles of Association of the Company,
the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement.

 

27. WAIVER
OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that he or she does not have any right, title, interest or claim of any
kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s
initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim he
or she may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against
such trust account for any reason whatsoever.

 

    13

     

    

 

28. MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period
for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable
insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to
ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee 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 such director or officer
under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

 

29.
INTERPRETATION

 

In
this Agreement:

 

	(a)	words
importing the singular number include the plural number and vice versa; words importing the masculine gender include the feminine gender;
words importing persons include corporations as well as any other legal or natural person;

 

	(b)	“written” and
    “in writing” include all modes of representing or reproducing words in visible form, including in the form of an Electronic
    Record;

 

	(e)	“shall”
shall be construed as imperative and “may” shall be construed as permissive;

 

	(f)	references
to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced;

 

	(g)	any
phrase introduced by the terms “including”, “include”, “in particular” or any similar expression
shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

 

	(h)	the
term “and/or” is used herein to mean both “and” as well as “or.” The use of “and/or”
in certain contexts in no respects qualifies or modifies the use of the terms “and” or “or” in others. The term
“or” shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require the conjunctive
(in each case, unless the context otherwise requires);

 

	(i)	headings
are inserted for reference only and shall be ignored in construing this Agreement;

 

	(j)	any
requirements as to delivery under this Agreement include delivery in the form of an electronic record (as defined in the Electronic Transactions
Law (2003));

 

	(k)	any
requirements as to execution or signature under this Agreement including the execution of this Agreement itself can be satisfied in the
form of an electronic signature (as defined in the Electronic Transactions Law (2003 Revision));

 

	(l)	sections
8 and 19(3) of the Electronic Transactions Law (2003 Revision) shall not apply.

 

[Signature
Page Follows]

 

    14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	AIB ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name: Eric Chen
	 	 	Title: Chief Executive Officer and Chief Financial
    Officer

 

	 	INDEMNITEE
	 	 	 
	 	 	Name:
	 	 	Address
for notices:

 

[Signature
page - Indemnity Agreement]

 

 

15

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