Document:

Exhibit 10.1

 

June 10, 2021

 

Lakeshore Acquisition
I Corp.

Suite A-2F, 555 Shihui Road, Songjiang District,

Shanghai, China,
201100

 

Roth Capital Partners,
LLC

888 San Clemente
Drive, Suite 400

Newport Beach,
CA 92660

 

Craig-Hallum Capital
Group LLC

222 South Ninth
Street, Suite 350

Minneapolis, MN
55402

 

	 	Re:	Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (“Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between Lakeshore Acquisition I Corp., a Cayman Islands corporation (the “Company”), and Craig-Hallum
Capital Group and Roth Capital Partners as representatives (the “Representatives”) of the several underwriters
named in Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each Unit comprised of one ordinary share of the Company, par value
$0.0001 (the “Ordinary Shares”), and three-quarters of one warrant, each whole warrant exercisable for one Ordinary
Share (each, a “Warrant”). Certain capitalized terms used herein are defined in paragraph 12 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon
the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned
hereby agrees, severally but not jointly, with the Company as follows:

 

1. If the Company solicits approval of its stockholders
of a Business Combination, the undersigned will vote all Ordinary Shares beneficially owned by him, her, or it, whether acquired before,
in, or after the IPO, in favor of such Business Combination.

 

2. (a) In the event that the Company fails
to consummate a Business Combination within the time period set forth in the Company’s Amended and Restated Memorandum and Articles
of Association, as the same may be amended from time to time (the “Articles of Association”), the undersigned
will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except for the purpose
of winding up, (ii) not more than five (5) business days thereafter, redeem the IPO shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned funds held in the Trust Account (less
up to $50,000 to pay liquidation expenses and net of interest released to the Company to pay taxes as permitted pursuant to the Trust
Agreement), divided by the number of then outstanding IPO Shares, which redemption will extinguish public stockholders’ rights as
stockholders (including the right to receive further liquidation distributions, if any), and (iii) following such redemption, subject
to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject
in the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors
and other requirements of applicable law.

 

(b) The undersigned hereby waives any and
all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”) with
respect to the shares of Founders’ Ordinary Shares owned by the undersigned and hereby waives any Claim the undersigned may have
in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust
Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with
respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

    1 

     

    

 

[(c) In the event of the liquidation of the Trust Account, the
Sponsor agrees to indemnify and hold harmless the Company for any debts and obligations to target businesses or vendors or other entities
that are owed money by the Company for services rendered or contracted for or products sold to the Company, but only to the extent necessary
to ensure that such debt or obligation does not reduce the amount of funds in the Trust Account below $10.00 per share; provided that
such indemnity shall not apply (i) if such vendor or prospective target business executed an agreement waiving any right, title,
interest or claim of any kind they may have in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s
obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended
(the “Securities Act”).]1

 

3. The undersigned acknowledges and agrees that
prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company or their affiliates,
such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain
an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions, that such
Business Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

4. Neither the undersigned nor any affiliate of
the undersigned will be entitled to receive and will not accept any compensation, finder fee or other cash payment prior to, or for services
rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the
payments set forth in the Registration Statement under the caption “Prospectus Summary – The Offering – Limited payments
to insiders.”

 

5. (a) The undersigned agree that they shall
not Transfer any Founders’ Ordinary Shares (the “Founder Shares Lock-up”) until the earliest of (A) six months
after the completion of an initial Business Combination and (B) the date following the completion of an initial Business Combination
on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up
Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the Ordinary Shares equals
or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s initial Business
Combination, the Founders’ Ordinary Shares shall be released from the Founder Shares Lock-up.

 

(b) The undersigned agree that they shall
not effectuate any Transfer of Private Securities or Ordinary Shares underlying such warrants until 30 days after the completion of an
initial Business Combination.

 

(c) Notwithstanding the provisions set forth
in paragraphs 5(a) and (b), Transfers of the Founders’ Ordinary Shares, Private Securities and Ordinary Shares underlying the
Private Securities are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the
Company’s officers or directors, any members or partners of our sponsor, RedOne Investment Limited (the “Sponsor”),
and the Representatives, or any of their affiliates or any employees of such affiliates; (b) in the case of an individual, by gift
to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws
of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations
order; (e) by private sales or Transfers made in connection with the consummation of a Business Combination at prices no greater
than the price at which the Founders’ Ordinary Shares, Private Securities or Ordinary Shares, as applicable, were originally purchased;
(f) by virtue of the Sponsor’s or the Representatives’ organizational documents upon liquidation or dissolution of the
Sponsor or the Representatives, as applicable; (g) in the event of the Company’s liquidation prior to the completion of a Business
Combination; or (h) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results
in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent
to the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted
transferees must enter into a written agreement agreeing to be bound by these Transfer restrictions and the other restrictions contained
in this Letter Agreement.

 

 

1
For Indemnifying Entity affiliate letter only.

 

    2 

     

    

 

(d) During the period commencing on the effective
date of the Underwriting Agreement and ending 180 days after such date, the undersigned shall not, without the prior written consent of
the Representatives, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable or exchangeable
for, Ordinary Shares purchased prior to the IPO held by it, her or him, as applicable, except as permitted hereunder.

 

6. (a) In order to minimize potential conflicts
of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until the earliest of the Company’s
initial Business Combination or liquidation, the undersigned shall present to the Company for its consideration, prior to presentation
to any other entity, any suitable target business, subject to any fiduciary or contractual obligations the undersigned might have.

 

(b) The undersigned hereby agrees and acknowledges
that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained
in this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party
shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of
such breach.

 

7. The undersigned’s biographical information
previously furnished to the Company and the Representatives is true and accurate in all respects, does not omit any material information
with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of
Regulation S-K, promulgated under the Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company
and the Representatives is true and accurate in all respects. The undersigned represents and warrants that:2

 

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

 

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

 

	 	(c)	he/she has never been convicted of fraud in a civil or criminal proceeding;

 

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

 

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

 

 

2
For officer, director, and promoter letter only.

 

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	 	(f)	he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8. The undersigned has full right and power, without
violating any agreement by which he, she or it is bound, to enter into this Letter Agreement [and to serve as a director and/or officer
of the Company].

 

9. The undersigned hereby waives any right to exercise
redemption rights with respect to any Founder Ordinary Shares owned or to be owned by the undersigned, directly or indirectly (or to sell
such shares to the Company in a tender offer), and agrees not to seek redemption with respect to such shares in connection with any vote
to approve a Business Combination (or sell such shares to the Company in a tender offer in connection with such a Business Combination).

 

10. The undersigned hereby agrees to not propose,
or vote in favor of, an amendment to [Article 48] of the Company’s Amended and Restated Memorandum and Articles of Association
prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their
Ordinary Shares for cash upon such approval in accordance with such Articles.

 

11. This Letter Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. Each of the Company and the undersigned hereby (i) agrees
that any action, proceeding or claim against him arising out of or relating in any way to this Letter Agreement (a “Proceeding”)
shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.

 

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12. As used herein, (i) a “Business
Combination” means a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers,
directors and sponsors of the Company immediately prior to the IPO; (iii) “Founders’ Ordinary Shares”
means all of the ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the IPO; (iv) “IPO
Shares” means the Ordinary Shares issued in the Company’s IPO; (v) “Private Securities”
means the Private Units, the Private Shares and the Private Warrants; (vi) “Private Units” means the Units
that are being sold privately by the Company simultaneously with the consummation of the IPO; (vii) “Private Shares”
means the Ordinary Shares underlying the Private Units; (viii) “Private Warrants” means the Warrants underlying
the Private Units; (ix) “Trust Agreement” means the Investment Management Trust Agreement between the Company
and Continental Stock Transfer & Trust Company being entered into in connection with the IPO and governing the use of funds held
in the Trust Account; (x) “Trust Account” means the trust account into which a portion of the net proceeds
of the IPO and sale of Private Securities will be deposited; (xi) “Registration Statement” means the Company’s
registration statement on Form S-1 (SEC File No. 333-255174) filed with the Securities and Exchange Commission; and (xii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect
to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

13. This Letter Agreement constitutes the entire
agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements,
or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof
or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct
a typographical error), except by a written instrument executed by all parties hereto.

 

14. Each of the undersigned acknowledges and understands
that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with
the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the
Company, its stockholders or any creditor or vendor of the Company with respect to the subject matter hereof.

 

15. No party hereto may assign either this Letter
Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to Transfer or assign any interest or title
to the purported assignee. This Letter Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors,
heirs, personal representatives and assigns and permitted transferees.

 

15. This Letter Agreement may be executed in any
number of original or facsimile counterparts, and each of such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument.

 

16. This Letter Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter
Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    6 

     

    

 

	 	
    POLAR MULTI-STRATEGY MASTER FUND

    By its investment advisor

    Polar Asset Management Partners Inc.

	 	 
	 	 /s/ Andrew Ma                    /s/ Aatifa Ibrahim
	 	Signature
	 	 
	 	JOHN LIPMAN
	 	 
	 	 /s/ John Lipman
	 	Signature
	 	 
	 	CR FINANCIAL HOLDINGS, INC.
	 	 
	 	 /s/ Gerald Mars
	 	Signature
	 	 
	 	BOB STEPHENSON
	 	 
	 	 /s/ Bob Stephenson
	 	Signature
	 	 
	 	BYRON ROTH
	 	 
	 	 /s/ Byron Roth
	 	Signature
	 	 
	 	JESSE PICHEL
	 	 
	 	 /s/ Jesse Pichel
	 	Signature
	 	 
	 	MYDA SPAC SELECT LP
	 	 
	 	 /s/ Jason Lieber
	 	Manager of the General Partner
	 	 
	 	MAZ PARTNERS LP
	 	 
	 	 /s/ Walter Schenker
	 	Signature
	 	 
	 	RYAN HULSTRAND
	 	 
	 	 /s/ Ryan Hulstrand
	 	Signature
	 	 
	 	WILLIAM FREDERICK HARFIEL III
	 	 
	 	 /s/ William Frederick Harfiel III
	 	Signature
	 	 	 	 

 

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	 	KEVIN PATRICK HARRIS
	 	 
	 	 /s/ Kevin Patrick Harris
	 	Signature
	 	 
	 	STEVEN LEE DYER
	 	 
	 	 /s/ Steven Lee Dyer
	 	Signature
	 	 
	 	SCOTT JONATHAN BRONSON
	 	 
	 	 /s/ Scott Jonathan Bronson
	 	Signature
	 	 
	 	AMG TRUST
	 	 
	 	 /s/ Aaron Gurewitz
	 	Signature
	 	 
	 	REDONE INVESTMENT LIMITED
	 	 
	 	 /s/ Bill Chen
	 	Signature
	 	 
	 	YAN ZHU
	 	 
	 	 /s/ Yan Zhu
	 	Signature
	 	 
	 	JIANZHONG LU
	 	 
	 	 /s/ Jianzhong Lu
	 	Signature
	 	 
	 	H. DAVID SHERMAN
	 	 
	 	 /s/ H. David Sherman
	 	Signature
	 	 
	 	LAURA LI
	 	 
	 	 /s/ Laura Li
	 	Signature
	 	 
	 	BILL CHEN
	 	 
	 	 /s/ Bill Chen
	 	Signature
	 	 
	 	Acknowledged and Agreed:
	 	 
	 	LAKESHORE ACQUISITION I CORP.
	 	 
	 	 
	 	By:	 /s/Bill Chen
	 	 	Name:	Bill Chen
	 	 	Title:	Chief Executive Officer

 

    8Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of June 10, 2021 by and between Lakeshore Acquisition I Corp.,
a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company (the “Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, File No. 333-255174 (“Registration Statement”) and prospectus (“Prospectus”) for the
initial public offering of the Company’s units (“Units”), each of which consists of one of the Company’s
ordinary shares, par value $0.0001 per share (“Ordinary Share”) and three-quarters of one warrant (“Warrant”),
each whole Warrant entitling the holder to purchase one Ordinary Share (such initial public offering referred to as the “IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);

 

WHEREAS, the Company has entered into an Underwriting
Agreement (“Underwriting Agreement”) with Craig-Hallum Capital Group and Roth Capital Partners as the representatives
(the “Representatives”) of the several underwriters (“Underwriters”) named therein;

  

WHEREAS, as described in the Prospectus, and in
accordance with the Company’s Amended and Restated Memorandum and Articles of Association (“Articles of Association”),
$50,000,000 ($57,500,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement
of Units will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
(the “Trust Account”) for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued
in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee and any interest subsequently earned thereon will be referred
to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the Property will be referred
to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to the Business Combination Marketing
Agreement, a portion of the Property equal to $1,500,000, or $1,725,000 if the Underwriters’ over-allotment option is exercised
in full, is attributable to a business combination fee that will be payable by the Company to the Representatives upon and concurrently
with the consummation of the Business Combination (as defined below) (the “Business Combination Fee”); and

 

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

 

NOW THEREFORE, IT IS AGREED:

 

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

 

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

 

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

 

(c) In a timely manner,
upon the written instruction of the Company, either (i) invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), having a maturity of 185 days or less, and/or in any open ended investment company registered under the
Investment Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraph (d)
of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations or (ii)
cause the brokerage institution referred to in 1(a) above to place the Property in a cash demand deposit account; it being
understood that unless the Company instructs the Trustee to do either of the foregoing, the Trust Account will earn no interest
while account funds are uninvested awaiting the Company’s instructions hereunder; while the
funds are invested or uninvested, the Trustee may earn bank credits or other consideration during such periods;

 

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

 

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

 

(f) Supply any necessary information or documents
as may be requested by the Company in connection with the Company’s preparation of its tax returns or in connection with the preparation
or completion of the audit of the Company’s financial statements by the Company’s auditors;

 

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

 

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

 

(i) Commence liquidation of the Trust Account only
after and promptly after receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”),
in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable,
signed on behalf of the Company and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit
A, jointly acknowledged and agreed to by the Representatives, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however,
that in the event that a Termination Letter has not been received by the Trustee upon the date which is, the later of (1) 15 months after
the closing of the Offering and (2) such later date as provided in the Company’s Articles of Association, (the “Last Date”),
the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit
B hereto and distributed to the Public Shareholders as of the Last Date; and

 

(j) Upon receipt of a letter (an “Amendment
Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by an authorized officer, distribute
to Public Shareholders who exercised their redemption rights in connection with an amendment to Article 44 of the Company’s Articles
of Association (an “Amendment”) an amount equal to the pro rata share of the Property relating to the Ordinary Shares
for which such Public Shareholders have exercised redemption rights in connection with such Amendment.

  

2. Limited Distributions of Income from Trust Account.

 

(a) Upon written request from the Company, which
may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute
to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income or other tax obligation
owed by the Company or liquidation expenses not to exceed $50,000. 

 

(b) The limited distributions referred to in Section
2(a) above shall be made only from income collected on the Property. Except as provided in Section 2(a) above, no other
distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) or 1(j) hereof.

  

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

 

(a) Give all instructions to the Trustee hereunder
in writing, signed by any one of the Company’s authorized officers. The Trustee shall be entitled to rely on such written instructions
from the Company confirmed by telephone instruction from a person which the Trustee in good faith believes to be given by any one of the
persons authorized above to give written instructions;

 

    2

     

    

 

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

 

(c) Pay the Trustee an initial acceptance fee,
an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a) as set forth on Schedule
A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted by the Trustee pursuant to Section
1(i) solely in connection with the consummation of a business combination (a “Business Combination”). The
Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the
anniversary of the Effective Date;

 

(d) In connection with any vote of the Company’s
shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business
of soliciting proxies and/or tabulating shareholder votes verifying the vote of the Company’s shareholders regarding such Business
Combination;

 

(e) In the event that the Company directs the Trustee
to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees that it will not direct the Trustee
to make any payments that are not specifically authorized by this Agreement;

 

(f) If the Company has an Amendment approved by
its shareholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit C providing instructions
for the distribution of funds to Public Shareholders who exercise their redemption rights in connection with such Amendment;

 

(g) Provide the Representatives with a copy of
any Termination Letter, Amendment Notification Letter, and/or any other correspondence that it issues to the Trustee with respect to any
proposed withdrawal from the Trust Account promptly after such issuance; and

 

(h) Expressly provide in any Instruction Letter
(as defined in Exhibit A) delivered in connection with a Termination Letter in a form substantially similar to that attached hereto
as Exhibit A that the Business Combination Fee be paid directly to the account or accounts directed by the Representatives on behalf
of the Underwriters.

 

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

 

(a) Take any action with respect to the Property,
other than as directed in Sections 1 and 2 hereof, and the Trustee shall have no liability to any party
except for liability arising out of its own gross negligence, fraud or willful misconduct;

 

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

 

    3

     

    

 

(c) Change the investment of any Property, other
than in compliance with Section 1(c);

 

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

 

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

 

(f) The other parties hereto or to anyone else
for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own
best judgment (provided, that with respect to its duties under Sections 1(i), 1(j), and 2(a) above,
the Trustee shall take no action except as set forth in written instructions from the Company, confirmed by telephone, in accordance with
Section 3(a)), except for its gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected
in acting upon any order, notice, demand, certificate, opinion, or advice of counsel (including counsel chosen by the Trustee, which counsel
may be the Company’s counsel), statement, instrument, report, or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons (provided,
that with respect to its duties under Sections 1(i), 1(j), and 2(a) above, the Trustee shall take
no action except as set forth in written instructions from the Company, confirmed by telephone, in accordance with Section 3(a)).
The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination, or rescission of this Agreement or any
of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the
duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g) Verify the correctness of the information set
forth in the Registration Statement or to confirm or assure that any Business Combination consummated by the Company or any other action
taken by it is as contemplated by the Registration Statement;

 

(h) File local, state, and/or federal tax returns
or information returns with any taxing authority on behalf of the Trust Account or deliver payee statements to the Company documenting
the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

(i) Pay any taxes on behalf of the Trust Account
(it being expressly understood that the Property shall not be used to pay any such taxes and that such taxes, if any, shall be paid by
the Company from funds not held in the Trust Account or released to it under Section 2(a) hereof);

 

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

 

(k) Verify calculations, qualify, or otherwise
approve Company requests for distributions pursuant to Sections 1(i), 1(j), and 2(a) above.

 

5. Trust Account Waiver. The Trustee has no right of set-off
or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby
irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee
has any Claim against the Company under this Agreement, including, without limitation, under Section 3(b) or Section
3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not
against the Property or any monies in the Trust Account.

 

    4

     

    

 

6. Termination. This Agreement shall terminate as follows:

 

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

 

(b) At such time that the Trustee has completed
the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof, and distributed the Property
in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b) and Section
5.

 

7. Miscellaneous.

 

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

 

(b) This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. As to any claim,
cross-claim, or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.

 

(c) This Agreement may be executed in several original
or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

(d) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j) (which sections may
not be modified, amended or deleted without the affirmative vote of a majority of the then outstanding Ordinary Shares; provided that
no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election to redeem his, her or its Ordinary
Shares in connection with a vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended
or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be
made without the prior written consent of the Representatives. The Trustee may require from Company counsel an opinion as to the propriety
of any proposed amendment.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

    5

     

    

 

if to the Company, to:

 

Lakeshore Acquisition I Corp.

Suite A-2F, 555 Shihui Road, Songjiang
District,

Shanghai, China, 201100

Attn: Bill Chen, Chief Executive Officer

E-mail:bchen65@126.com

 

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

 

Craig-Hallum Capital Group, LLC

222 South 9th Street, Suite 350

Minneapolis, Minnesota 55402

Attn: General Counsel

 

 

Roth Capital Partners, LLC

888 San Clemente Dr.

Newport Beach, California 92660

 

Attn: General Counsel

 

 

and

Graubard Miller

405 Lexington Avenue

New York, New York 10174

Attn: Jeffrey M. Gallant, Esq.

Email: JGallant@graubard.com

 

and

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

E-mail: gcaruso@loeb.com

 

(f) This Agreement may not be assigned by the Trustee
without the prior consent of the Company.

 

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

 

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

 

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

 

(j) Each of the Company and the Trustee hereby
acknowledge that the Representatives is a third party beneficiary of this Agreement.

 

[Signature Page Follows]

 

    6

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 	 
	 	By:	/s/Francis Wolf
	 	 	Name:    	Francis Wolf
	 	 	Title:	Vice President
	 	 	 	 
	 	LAKESHORE ACQUISITION I CORP.
	 	 	 	 
	 	By:	/s/Bill Chen 
	 	 	Name: 	Bill Chen 
	 	 	Title:	Chief Executive Officer 

 

    7

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	 Prevailing rates	 

 

    8

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between Lakeshore Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of _______, 2021 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement
with [__________________] to consummate a business combination (“Business Combination”) on or about [insert
date]. The Company shall notify you at least 72 hours in advance of the actual date of the consummation of the Business Combination
(“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the Trust Account at J.P. Morgan Chase
Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for
transfer to the account or accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representatives
on behalf of the Underwriters (with respect to the Business Combination Fee)). It is acknowledged and agreed that while the funds are
on deposit in the trust account awaiting distribution, neither the Company nor the Underwriters will earn any interest or dividends.

 

On the Consummation Date (i) counsel for the Company
shall deliver to you written notification that the Business Combination has been consummated and (ii) the Company shall deliver to you
(a) a certificate by the Chief Executive Officer, which verifies the vote of the Company’s shareholders in connection with the Business
Combination if a vote is held and (b) joint written instructions from the Company and the Representatives with respect to the transfer
of the funds held in the Trust Account, including payment of the Business Combination Fee from the Trust Account (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the counsel's letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain
deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, your obligations under
the Trust Agreement shall be terminated.

 

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

 

    9

     

    

 

	 	Very truly yours,
	 	 
	 	LAKESHORE ACQUISITION I CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	 Bill Chen
	 	 	Title:	 Chief Executive Officer

 

AGREED TO AND ACKNOWLEDGED BY

 

	CRAIG-HALUM CAPITAL GROUP	 
	 	 	 	 
	By:	 	 
	 	Name:   	 	 
	 	Title:	 	 

 

	ROTH CAPITAL PARTNERS	 
	 	 	 	 
	By:	 	 
	 	Name:   	 	 
	 	Title:	 	 

 

    10

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between Lakeshore Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of _______, 2021 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the Company’s Amended and Restated Memorandum and Articles
of Association, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate the Trust Account and to transfer the total proceeds of the Trust to the Trust Operating Account
at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [____________, 20__] as the
effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
proceeds. It is acknowledged that while the funds are on deposit in the Trust Operating Account awaiting distribution, the Company will
not earn any interest or dividends. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute
said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated Memorandum
and Articles of Association of the Company. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust
Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	LAKESHORE ACQUISITION I CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	 Bill Chen
	 	 	Title:	Chief Executive Officer

 

	cc:	Craig-Hallum Capital Group

Roth Capital Partners

 

    11

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Amendment Notification
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the Investment Management
Trust Agreement between Lakeshore Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of ________, 2021 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have
the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(j) of the Trust Agreement,
this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust Agreement, we hereby
authorize you to liquidate a sufficient portion of the Trust Account and to transfer $____ of the total proceeds of the Trust to the Trust
Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders that have requested conversion of their shares in
connection with such Amendment. The remaining funds shall remain invested by you as previously instructed.

 

	 	Very truly yours,
	 	 
	 	LAKESHORE ACQUISITION I CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	Bill Chen
	 	 	Title:	Chief Executive Officer

  

	cc:	Craig-Hallum Capital Group

Roth Capital Partners

 

    12

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account – Interest Withdrawal

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of the Investment Management
Trust Agreement between Lakeshore Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of _________, 2021 (“Trust Agreement”), the Company hereby requests that you deliver to the Company [$_______]
of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay for its [income or other tax
obligations][dissolution and liquidation expenses, which expenses will not exceed $50,000].

 

In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	LAKESHORE ACQUISITION I CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	 Bill Chen
	 	 	Title:	 Chief Executive Officer

 

	cc:	Craig-Hallum Capital Group

Roth Capital Partners

 

    13

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