Document:

Exhibit 10.1

 

INSIDER’S
LETTER

 

March
31, 2022

 

Metal
Sky Star Acquisition Corporation

132
West 31st Street, First Floor

New
York, New York, 10001

 

Underwriter
Representative

Ladenburg
Thalmann & Co., Inc.

 

	 	Re:	Metal
    Sky Star Acquisition Corporation Public Offering; Voting, Lock-Up and Waiver

 

Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
“Underwriting Agreement”) to be entered into by and between Metal Sky Star Acquisition Corporation, a Cayman
Islands exempted company (the “Company”), and Ladenburg Thalmann & Co. Inc., as representative (the “Representative”)
of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 11,500,000 of the Company’s
units (including up to 1,500,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one of the Company’s ordinary shares, par value $0.001 per share (the “Ordinary Shares”),
one warrant to purchase one Ordinary Share (“Warrant”) and a right (“Right”) to receive 1/10th
of an Ordinary Share. Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject
to adjustment. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 (File No.
333-260251) and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission
(the “Commission”) and the Company shall apply to have the Units and components thereof listed on the Nasdaq
Global Market. Certain capitalized terms used herein are defined in Section 12 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, M-Star Management Corporation
(the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s board of directors
and/or management team (each, an “Insider” and collectively, the “Insiders”), hereby
agrees with the Company as follows:

 

1.
The Sponsor and each Insider agrees that (A) if the Company seeks shareholder approval of a proposed Business Combination, then
in connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor
of any proposed Business Combination and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder
approval, (B) if the Company engages in a tender offer in connection with any proposed Business Combination, it, he or she shall
not sell any Shares to the Company in connection therewith and (C) if the Company seeks shareholder approval of any proposed amendment
to the Charter prior to the consummation of a Business Combination, it, he or she shall not redeem any Shares owned by it, him or her
in connection with such shareholder approval.

 

2.
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the
time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the
Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account
and not previously released to the Company to pay any taxes (less up to $50,000 of interest to pay dissolution expenses), divided by
the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as
shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
shareholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and
(iii) above to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other
requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Charter (i) that would
affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
complete a Business Combination within the time period described in the Prospectus or (ii) with respect to any other provision
relating to shareholders’ rights or pre-Business Combination activity, unless the Company provides its public shareholders
with the opportunity to redeem their Ordinary Shares upon approval of any such amendment at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust
Account and not previously released to the Company to pay any taxes, divided by the number of then outstanding Offering
Shares.

 

     

     

    

 

3.
The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares
held by it, him or her. The Sponsor and each Insider hereby further waives any claim such Sponsor or Insider 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 except in each case with respect to the Insider’s right to a pro rata interest in the proceeds held in the
Trust Account for any Offering Shares such Sponsor or Insider may hold.

 

4. During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider
shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with respect to any Units,
Ordinary Shares, Founder Shares, Warrants, Rights or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares
owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any Units, Ordinary Shares, Founder Shares, Warrants, Rights or any securities convertible into,
or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, whether any such transaction is to be settled by delivery
of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause
(i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver,
of the restrictions set forth in this Section 4 or Section 8 below, the Company shall announce the impending release or waiver
by press release through a major news service at least two business days before the effective date of the release or waiver. Any release
or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this
Section will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee
has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms
remain in effect at the time of the transfer.

 

5. In
the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders,
members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing
or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject
as a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) a prospective
target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement or a Business
Combination agreement (a “Target”); provided, however, that such indemnification of
the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered
(other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount
of funds in the Trust Account to below (i) $10.00 per share of the Offering Shares or (ii) such lesser amount per share of
the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of
the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to
pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to
the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against
such third party, the Sponsor shall not be responsible to the extent of any liability for such third-party claims. The Sponsor shall
have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days
following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake
such defense.

 

6. To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units within 45
days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number
of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 minus the
number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 1,500,000.

 

7. The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations under Sections 1, 2, 3, 4, 5, 8(a), 8(b), and 9,
as applicable, of this Letter Agreement; (ii) monetary damages may not be an adequate remedy for such breach; and (iii) the non-breaching party
shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of
such breach.

 

    2

     

    

 

8. (a) The
Sponsor and each Insider agrees that it, he or she shall not (a) Transfer 50% of their Founder Shares until the earlier of (A) six
months after the consummation of the Company’s initial Business Combination or (B) the date on which the closing price of
the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, rights issuances, subdivisions,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after
the Company’s initial Business Combination or (b) Transfer the remaining 50% of their Founder Shares until six months after
the date of the consummation of the Company’s initial Business Combination, or earlier in either case, if subsequent to the Company’s
initial Business Combination the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction
that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other
property (the “Founder Shares Lock-up Period”).

 

(b) The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Units (or Warrants and Ordinary Shares issued
or issuable upon the conversion of the Private Placement Units), until 30 days after the completion of a Business Combination (the “Private
Placement Units Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding
the provisions set forth in Sections 8(a) and (b), Transfers of the Founder Shares, Private Placement Units and Warrants and Ordinary
Shares issued or issuable upon the exercise or conversion of the Private Placement Units and that are held by the Sponsor, any Insider
or any of their permitted transferees (that have complied with this Section 8(c)), 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 of the Sponsor,
or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift to a member of the individual’s immediate
family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or
to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death
of the individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers
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 securities were originally purchased; (f) transfers in the event of the Company’s liquidation prior to the completion
of an initial Business Combination; (g) transfers by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability
company agreement upon dissolution of the Sponsor; (h) in the event of the Company’s liquidation, merger, share exchange,
reorganization 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 the Company’s initial Business Combination;
and (i) transfers in connection with the Company’s initial Business Combination with the Company’s consent to any third
party; provided, however, that in the case of clauses (a) through (e), (h) and (i), these permitted transferees must enter
into a written agreement agreeing to be bound by the restrictions herein.

 

9. The
Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true
and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each Insider’s
questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants that: it, he or she
is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist
or refrain from any act or practice relating to the offering of securities in any jurisdiction; it or he has never been convicted of,
or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and it or he is not currently a defendant in any such criminal proceeding.

 

10.
Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director
or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, or cash payments prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of
the type of transaction that it is), other than the amounts described in the Prospectus under the heading “Summary – The
Offering – Limited Payments to Insiders.”

 

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

 

    3

     

    

 

12. As
used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Shares”
shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares” shall mean
the 2,875,000 of the ordinary shares, par value $0.001 per share, initially issued to the Sponsor (up to 375,000 Shares of which are
subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters) for an aggregate
purchase price of $25,000, or approximately $0.01 per share, prior to the consummation of the Public Offering; (iv) “Initial
Shareholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement
Units” shall mean the Units to purchase up to 300,000 Units which the Sponsor has agreed to purchase for an aggregate purchase
price of $3,000,000, or $10.00 per whole Private Placement Unit, in a private placement that shall occur simultaneously with the consummation
of the Public Offering (subject to increase to up to 300,000 units for the exercise of the over-allotment); (vi) “Public
Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account”
shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited with Wilmington Trust Company;
(viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such
securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b);
and (ix) “Charter” shall mean the Company’s amended and restated memorandum and articles of association,
as the same may be amended from time to time.

 

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

 

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

 

15.
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof; provided, however, Ladenburg Thalmann & Co. Inc. as representative of the Underwriters shall be deemed a beneficiary
hereof and be entitled to enforce the provisions of this Agreement. All covenants, conditions, stipulations, promises and agreements
contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal
representatives and assigns and permitted transferees.

 

16.
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

17.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

18. This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or
that such courts represent an inconvenient forum.

 

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

 

20. This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by October 30, 2022; provided further that Section 5 of this Letter Agreement shall survive such liquidation.

 

[Signature
Page Appears Next]

 

    4

     

    

 

	 	SPONSOR
	 	M-STAR
    MANAGEMENT CORPORATION
	 	 
	 	By:	/s/
    Man Chak Leung
	 	Name:	Man
Chak Leung
	 	Title:	Director

 

	/s/
    Man Chak Leung	 
	Man
    Chak Leung, Chairman and Chief Executive Officer 	 
	 	 
	/s/
    Wenxi He	 
	Wenxi
    He, Chief Financial Officer 	 
	 	 
	/s/
    Zhuo Wang	 
	Zhuo
    Wang, Director	 
	 	 
	/s/
    Zining Jiang	 
	Zining
    Jiang, Director	 
	 	 
	/s/
    Xinghua Fan	 

Xinghua
Fan, Director

 

    5Exhibit 10.2

 

METAL
SKY STAR ACQUISITION corporation

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of March 30, 2022, by and between
Metal Sky Star Acquisition Corporation, a Cayman Island corporation (the “Company”), and Wilmington Trust,
National Association, a national banking association (the “Trustee”) and Vstock Transfer LLC as transfer agent
for the Company’s securities (“Vstock”).

 

WHEREAS,
the Company’s registration statement, as amended, on Form S-1, File No. 333-260251 (the “Registration Statement”)
for the initial public offering (such initial public offering hereinafter referred to as the “Offering”) of
the Company’s units (the “Units”), each of which consists of: (i) one ordinary share, par value
$0.001 per share (the “Ordinary Share”); (ii) one redeemable warrant (“Warrant”) entitling
the holder thereof to purchase one Ordinary Share; and (iii) one right (“Right”) to receive 1/10th of
an Ordinary Share has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission (the “SEC”);
and

 

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

 

WHEREAS,
the Company has previously or simultaneously herewith entered into agreements with Vstock, whereby Vstock shall serve as transfer agent
and registrar with respect to the Units, the Ordinary Shares, Warrants and Rights.

 

WHEREAS,
as described in the Registration Statement, an aggregate of $100,000,000 consisting of proceeds of the Offering and a portion of the
sale proceeds of the sale of the 300,000 Private Placement Units (or 330,000 Private Placement Units if the Underwriters’ option
to purchase additional units is exercised in full) issued to M-Star Management Corporation (“Sponsor”) as sponsor
of the Company (or $115,000,000 if the Underwriters’ option to purchase additional units is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the Offering
as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon and any Extension Payment
as described in the paragraph below) is referred to herein as the “Property,” the stockholders for whose benefit
the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders
and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
as described Registration Statement and in its Amended and Restated Memorandum and Articles of Association, the Company’s ability
to complete a business combination may be extended in additional increments of one-month up to a total of 12 additional months from the
closing date of the Offering, subject to the payment into the Trust Account by the Sponsor (or its designees or affiliates) of the sum
of $333,333 per month (or $383,332 in the event that the Underwriters’ option to purchase additional units is exercised in full)
(the “Extension Payment”), representing the sum of $0.033 per Ordinary Share sold to Public Stockholders, and which
Extension Payments, if any, shall be added to the Trust Account.

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $2,500,000, or $2,875,000 if the Underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to
the Underwriters upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and

 

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

 

NOW
THEREFORE, IT IS AGREED:

 

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

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee
in the United States at Wilmington Trust, National Association.

 

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

 

     

     

    

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company’s instructions hereunder;

 

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

 

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

 

(f)
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of tax returns relating to assets held in the Trust Account 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 within two business days following (x) receipt of, and only in accordance
with the terms of, a letter from the Company (“Termination Letter”) in a form substantially similar to that
attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by an Authorized
Representative (as such term is defined below), in coordination with the Company and Vstock and complete the liquidation of the Trust
Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay any taxes (net of any taxes payable and less up to $50,000 of interest that may be released to the Company
to pay dissolution expenses), only as directed in the Termination Letter and other documents referred to therein, or (y) upon the
date which is the later of (1) 12 months after the closing of the Offering or (2) such later date up to 21 months after closing
of the Offering as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated memorandum
and articles of association, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust
Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and
the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the
Company to pay any taxes (net of any taxes payable and less up to $50,000 of interest that may be released to the Company to pay dissolution
expenses) shall be distributed to the Public Stockholders of record as of such date as reflected in the records of Vstock; provided,
however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B
hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in
clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following
the date the Property has been distributed to the Public Stockholders;

 

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

 

    2

     

    

 
(k) Only
release the Property in accordance with a written instruction, signed by an Authorized Representative (as such term is defined below)
of the Company substantially in the form attached as Exhibit A, B or C, as applicable, attached hereto (each, a “Written
Direction” and collectively, the “Written Direction”); and

 

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

 

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

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by an Authorized Representative (as such term is defined below) of the Company.
In addition, except with respect to its duties under Sections 1(i) or 1(j) hereof, the Trustee shall be entitled to
rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable
care, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly
confirm such instructions in writing;

 

(b) Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all out-of-pocket expenses, including
reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any
claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property
or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”), provided, that no failure or delay
by the Trustee to so notify the Company shall relieve the Company from its obligations under this Agreement, except as and to the extent
it is found, in a final, unappealable judgment by a court of competent jurisdiction, that such failure or delay actually and materially
prejudiced the Company. 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 or delayed. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which
such consent shall not be unreasonably withheld or delayed. The Company may participate in such action with its own counsel and at its
sole cost and expense;

 

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

 

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

 

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

 

(f) Expressly
provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the Form of
Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by Ladenburg Thalmann & Co., Inc.

 

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

 

(h) Designate,
on an incumbency certificate delivered to Trustee on the date hereof (the “Incumbency Certificate”), its authorized
representatives for purposes of this Agreement (each such individual, an “Authorized Representative” of the
Company), which shall certify that the title, contact information and specimen signature of each such Authorized Representative as set
forth therein is true and correct.

 

(i)
[reserved].

 

    3

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) Verify
the accuracy of the information contained in the Registration Statement or any other filings made by the Company with the SEC;

 

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

 

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

 

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

 

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

 

The
Company also agrees that the Trustee will only be responsible for direct damages, and not for any type of indirect, special, consequential,
or punitive damages, even if the Trustee is aware of the potential for such damages.

 

4.
Trust Account Waiver. Neither Vstock nor 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 or they may have now or in the future. In the event the Trustee has any Claim against the Company
under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee or
Vstock 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

     

    

 
5.
Termination. This Agreement shall terminate as follows:

 

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

 

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

 

(c)
If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received
by the Trustee from the Company or the Sponsor, as applicable, shall be returned promptly following the receipt by the Trustee of written
instructions from the Company.

 

6.
Miscellaneous.

 

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

 

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

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Section 1(i) through (l) (which sections may not be modified, amended or deleted without the affirmative vote of
sixty-five percent (65%) of the then outstanding Ordinary Shares of the Company voting together as a single class; provided that no such
amendment will affect any stockholder of the Company who has validly elected to redeem his, her or its Ordinary Shares in connection
with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified
(other than to correct a typographical error) by a writing signed by each of the parties hereto.

 

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

 

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

 

if
to the Trustee, to:

 

Wilmington
Trust, National Association

1100
North Market Street

Rodney
Square North

Wilmington,
DE 19890

Attn:
Corporate Trust Administration

FAX
(302) 636-4149

dyoung@wilmingtontrust.com

 

    5

     

    

 

in
each case, with copies to:

 

Vstock
Transfer LLC

18
Lafayette

Woodmere,
New York

 

if
to the Company, to:

 

Metal
Sky Star Acquisition Corporation

132
West 31st Street, First Floor

New
York, New York 10001

Tel.:
332-237-6141

Attn.:
Chief Executive Officer

 

in
each case, with copies to:

 

Becker &
Poliakoff LLP

45
Broadway, 17th Floor

New
York New York 10017

Tel.:
212 599-3322

Attn.:
Bill Huo, Esq.

bhuo@beckerlawyers.com

 

If
to the Representative:

 

Ladenburg
Thalmann & Co. Inc.

640
Fifth Avenue, 4th Floor

New
York, NY 10019

Tel.:
(212) 409 2119

Attn.: Jeffery
Caliva

jcaliva@ladenburg.com

 

in
each case, with copies to:

 

Kramer
Levin Naftalis & Frankel LLP

1177
Avenue of Americas

New
York, NY 10036

Tel.:
(212) 715 9100

Attn.:
Christopher Auguste, Esq.

cauguste@kramerlevin.com

 

(f)
This Agreement may not be assigned by the Trustee or Vstock without the prior consent of the Company, which such consent shall not be
unreasonably withheld.

 

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

 

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

 

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

 

    6

     

    

 

(j)
In the event that any Property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed
or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Property,
the Trustee is hereby expressly authorized, in its reasonable discretion, to comply with all writs, orders or decrees so entered or issued,
or which it is advised by legal counsel of its own choosing is binding upon it. In the event that the Trustee obeys or complies with
any such writ, order or decree it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by reason
of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

(k) The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligation under this Agreement arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or
malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military
authority or governmental action (any such event, a “Force Majeure Event”). Notwithstanding anything to the
contrary in this Agreement, for purposes of all services provided pursuant to this Agreement (the “Services”),
Trustee shall continuously maintain business continuity and disaster recovery plans (including regular updates) that are consistent with
then-current industry standards applicable to similarly situated providers of services comparable to the Services. Without limiting the
generality of the foregoing, the business continuity and/or disaster recovery plans will cover the computer software, computer hardware,
telecommunications capabilities and other similar or related items of automated, computerized, software system(s) and network(s) or
system(s) and will be designed, among other things, to permit the ongoing operation and functionality of the Services on a continuous
basis and/or to facilitate the continuation and/or resumption of, the Services. In the event of disruption in the Services for any reason
including the occurrence of a Force Majeure Event that causes Trustee to be required to allocate limited resources between or among Trustee’s
affected customers, Trustee shall not do so in a manner that is intended to treat the Company less favorably than other similarly situated
affected customers generally. In addition, in the event Trustee has knowledge that there is, or has been, an incident affecting the integrity
or availability of Trustee’s business continuity and disaster recovery system, Trustee shall endeavor to notify the Company in
writing, as promptly as practicable, of the incident.

 

(l)
The Trustee and Vstock shall each be entitled to consult with legal counsel in the event that a question or dispute arises with regard
to the construction of any of the provisions hereof, and shall incur no liability and shall be fully protected in acting in accordance
with the advice or opinion of such counsel.

 

[signature
page follows]

 

    7

     

    

 

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

 

	 	Company
	 	 
	 	METAL
    SKY STAR ACQUISITION CORPORATION
	 	 
	 	By:	/s/
    Man Chak Leung
	 	 	Name:	Man
Chak Leung
	 	 	Title:	Chief
Executive Officer
	 	 
	 	TRUSTEE:
	 	 
	 	Wilmington
    Trust, National Association, as Trustee
	 	 
	 	By:	/s/
    David B. Young
	 	 	Name:	David
    B. Young
	 	 	Title:	Vice
President
	 	 
	 	Vstock
    Transfer LLC
	 	 
	 	By:	/s/
    Yoel Goldfeder
	 	 	Name:	Yoel
    Goldfeder
	 	 	Title:	CEO

 

    8

     

    

 

SCHEDULE
A

 

Fees
of Trustee

 

Schedule
A 

Metal
Sky Star Acquisition Corporation

Trust
Services

 

Acceptance
Fee:

 

Waived

 

Initial
Fees as they relate to Wilmington Trust acting in the capacity of Trustee and includes review of the Investment Management/Trustee Agreement;
acceptance of the Trustee appointment; setting up of the Trust Account(s) and associated records; and coordination of receipt of funds,
if any, for deposit to the Trust Account(s). Acceptance Fee payable at time of Trust Agreement execution 

 

Trustee - Administration Fee 

 

$7,500
per annum

 

For
review and execution of SPAC trust agreement, including KYC review and onboarding; reporting; investment management of SPAC proceeds;
dissolution of SPAC trust and distribution of proceeds to transfer agent and/or investors; and other ongoing administrative services
as required.

 

	Out-of-Pocket
    Expenses:	If any, Billed At Cost

 

    Sch. A-1

     

    

 

EXHIBIT A

 

METAL
SKY STAR ACQUISITION corporation

 

132
West 31st Street, First Floor

 

New
York, New York 10001

__________,
2022

 

Wilmington
Trust, National Association 

1100
North Market Street

Rodney
Square North

Wilmington,
DE 19890

 

	 	Re:	Trust
    Account No. Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Metal Sky Star Acquisition Corporation (the
“Company”) and Wilmington Trust, National Association (the “Trustee”),
dated as of March 30, 2022 (the “Trust Agreement”), this is to advise you that the Company has
entered into an agreement with ___________________ (the “Target Business”) to consummate a business
combination with Target Business (the “Business Combination”) on or about [insert date]. The
Company shall notify you at least forty-eight (48) hours in advance of the actual date (or such shorter time period as you
may agree) of the consummation of the Business Combination (the “Consummation Date”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
on [insert date], and to transfer proceeds to the account of the paying agent specified by the Company 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 “Representative”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust account at [Ÿ] awaiting distribution, neither
the Company nor the Representative 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, or will be consummated, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer of the Company, which verifies that
the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held, and (b) joint written
instruction signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including
payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby directed
and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not
be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct
you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the
distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

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

 

	 	Very
truly yours,

	 	 
	 	Company
	 	Metal
    Sky Star Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

		cc:	Bill
    Huo, Esq.

 

    A-1

     

    

 

EXHIBIT B

 

METAL
SKY STAR ACQUISITION corporation

 

132
West 31st Street, First Floor

 

New
York, New York 10001

__________,
2022

 

Wilmington
Trust, National Association

1100
North Market Street

Rodney
Square North

Wilmington,
DE 19890

 

	 	Re:	Trust
    Account No. Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Metal Sky Star Acquisition Corporation (the “Company”)
and Wilmington Trust, National Association (the “Trustee”), dated as of March 30, 2022 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business
(the “Business Combination”) within the time frame specified in the Company’s amended and restated certificate
of incorporation, as described in the Company’s Registration Statement relating to the Offering. Capitalized terms used but not
defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on ___________
and to await distribution to the Public Stockholders. The Company has selected [●] as the record date for the purpose of determining
the Public Stockholders entitled to receive their share of the liquidation proceeds. Upon the distribution of all the funds, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.
The Company further instructs you that you are authorized to coordinate any and all redemption payments payable to the Company’s
shareholders requesting redemption with the Company’s stock transfer agent, Vstock Transfer LLC.

 

	 	Very
    truly yours,
	 	 
	 	Company
	 	METAL
    SKY STAR ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

		cc:	Bill
    Huo, Esq.

 

    B-1

     

    

 

EXHIBIT C

 

METAL
SKY STAR ACQUISITION corporation

 

132
West 31st Street, First Floor

 

New
York, New York 10001

__________,
2022

 

Wilmington
Trust, National Association

1100
North Market Street

Rodney
Square North

Wilmington,
DE 19890

 

	 	Re:	Trust
    Account No. Tax Payment Withdrawal Instruction

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Metal Sky Star Acquisition Corporation (the “Company”)
and Wilmington Trust, National Association (the “Trustee”), dated as of March 30, 2022 (the “Trust
Agreement”), the Company hereby requests that you deliver to the Company $____________ of the interest income earned on
the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very
    truly yours,
	 	 
	 	Metal
    Sky Star Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:	Man
Chak Leung
	 	 	Title:	Chief
Executive Officer 

 

		cc:	Bill
    Huo, Esq.

 

    C-1

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