Document:

Exhibit 10.6

 

INKSTONE FEIBO ACQUISITION CORPORATION

221 W 9th St., PMB 235

Wilmington, DE 19801

 

May 13, 2022

 

Xuedong (Tony) Tian

221 W 9th St., PMB 235

Wilmington, DE 19801

 

RE:     Securities
Purchase Agreement

 

Ladies and Gentlemen:

 

We are pleased to accept
the offer you (the “Subscriber”) have made to purchase 60,000 shares (the “Shares”) of Class
B common stock, par value $0.0001 per share (the “Class B Common Stock”, and together with all other classes
of Company common stock, the “Common Stock”) in ourselves, Inkstone Feibo Acquisition Corporation, a Delaware
corporation (the “Company”), among which, up to 7,826 shares of Class B Common Stock are subject to forfeiture
pending the exercise of the over-allotment option granted to the underwriter in connection with the initial public offering of
the Company. The terms on which the Company is willing to sell the Shares to the Subscriber pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities Act”), and the Company and the Subscriber’s agreements
regarding such Shares, are as follows:

 

1.       Purchase
of Shares. The Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company the
Shares, for an aggregate purchase price of $869.57, on the terms and subject to the conditions set forth in this agreement (this
“Agreement”). Concurrently with the Subscriber’s execution of this Agreement, the Company is delivering
to the Subscriber certificate(s) registered in the Subscriber’s name representing the Shares, receipt of which the Subscriber
hereby acknowledges.

 

2.       Representations,
Warranties and Agreements.

 

2.1.       Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.       No
Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

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

 

    	 	 	 

     

    

 

2.1.3.       Organization
and Authority. Upon execution and delivery by the Subscriber, this Agreement is a legal, valid and binding agreement of such
Subscriber, enforceable against such Subscriber in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and
subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4.       Experience,
Financial Capability and Suitability. Each Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for
an indefinite period of time because the Shares have not been registered under the Securities Act of 1933 and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. The Subscriber
has substantial experience in evaluating and investing in transactions of securities in companies similar to the Company so that
he or she is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own
interests. The Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective
registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. The
Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s
investment in the Shares.

 

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

 

2.1.6.       Private
Offering. The Subscriber acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption
pursuant to Section 4(a)(2) of the Securities Act.

 

2.1.7.       Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof and the
Subscriber has no present arrangement to sell the interest in the Shares to or through any person or entity. The Subscriber did
not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule
502 under the Securities Act.

 

    	 	 	 

     

    

 

2.1.8.       Restrictions
on Transfer; Shell Company; Affiliate Status. The Subscriber understands the Shares are being offered in a transaction not
involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates
representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer,
resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant
to: (i) registration under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any
transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption,
the Subscriber agrees not to resell the Shares. The Subscriber further acknowledges that because the Company is a shell company,
Rule 144 may not be available to the Subscriber for the resale of the Shares until one year following consummation of the initial
business combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of
any contractual transfer restrictions. Such Subscriber (a) acknowledges that after the issuance of the Shares, such Subscriber
may be deemed an “affiliate” of the Company under the Securities Act, (b) acknowledges understanding the additional
restrictions under the Securities Act applicable to affiliate of the Company, and (c) acknowledges that it had a full and fair
opportunity and the means to obtain United States securities counsel and discuss such restrictions prior to entering into this
Agreement.

 

2.1.9.        No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.1.10.       Bad
Actor. Such Subscriber is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered
by Rule 506(d)(2) or (d)(3) under the Securities Act. The Subscriber has exercised reasonable care to determine whether he, she
or it is subject to a Disqualification Event. The purchase of the Shares will not subject the Company to any Disqualification Event.
There are no matters that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred before
September 23, 2013.

 

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

 

    	 	 	 

     

    

 

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

 

2.1.14.       No
General Solicitation or General Advertising; No Directed Selling Efforts. The Subscriber is not aware of any form of general
solicitation or general advertising (within the meaning of Regulation S) in respect of the Shares, including (1) any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television, radio,
or the internet; and (2) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

2.2.       Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1.       Organization
and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2.       No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (1) the certificate of incorporation of the
Company, (2) any agreement, indenture or instrument to which the Company is a party, or (3) any law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject. Other than any registration
statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or
self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Shares in accordance
with the terms hereof.

  

2.2.3.       Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (i)
transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and
state securities laws, and (iii) liens, claims or encumbrances imposed due to the action of the Subscriber.

 

    	 	 	 

     

    

 

2.2.4.       Enforcement.
This Agreement constitutes, and upon the execution and delivery thereof, valid and binding obligations of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution
may be limited by federal and state securities laws or principles of public policy.

 

2.2.5.       No
Registration. Assuming the accuracy of the representations and warranties of the Subscriber contained in this Agreement, the
issuance and sale of the Shares pursuant to this Agreement is exempt from registration requirements of the Securities Act, and
neither the Company nor, to the knowledge of the Company, any authorized representative acting on its behalf, has taken or will
take any action hereafter that would cause the loss of such exemption.

 

2.2.6.       No
Integration. Neither the Company nor any of its affiliates have, directly or indirectly through any agent, sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act)
that is or will be integrated with the sale of the Shares in a manner that would require registration under the Securities Act.

 

2.2.7.       No
General Solicitation or General Advertising. Neither the Company nor any person acting on behalf of the Company has offered
or sold any of the Shares by any form of general solicitation or general advertising (within the meaning of Regulation S promulgated
under the Securities Act) including (1) any advertisement, article, notice or other communication published in any newspaper, magazine,
or similar media or broadcast over television, radio, or the internet; and (2) any seminar or meeting whose attendees have been
invited by any general solicitation or general advertising; nor has it seen or been aware of any activity that, to its knowledge,
constitutes general solicitation or general advertising.

 

3.       Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and, subject
to the below, any other Company securities purchased on a private placement basis, the Subscriber hereby waives any and all right,
title, interest or claim of any kind in or to any distributions by the Company from the Trust Account (as such term is defined
in the Investment Management Trust Agreement to be entered by and between the Company and the trustee thereunder), in the event
of a liquidation of the Company upon the Company’s failure to timely complete a business combination.

 

4.       Forfeiture of Shares.

 

4.1.        
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriter of
the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of
Shares) shall forfeit any and all rights to such number of Shares (up to an aggregate of 281,250 Shares and pro rata based upon
the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all
other initial stockholder prior to the IPO, if any) will own an aggregate number of Shares (not including any private placement
units that are expected to be purchased prior to or at the closing of the IPO, Shares issuable upon exercise of any warrants or
any shares of Common Stock purchased by Subscriber (and all other initial stockholder prior to the IPO, if any) in the IPO or in
the aftermarket) equal to 20% of the issued and outstanding shares of Common Stock immediately following the IPO (in each case,
not including shares of Class A common stock issuable upon exercise of any warrants).

 

    	 	 	 

     

    

 

4.2.        Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 4, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

5.       Restrictions
on Transfer.

 

5.1.       Securities
Law Restrictions. The Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part
of the Shares unless, prior thereto (i) a registration statement on the appropriate form under the Securities Act and applicable
state securities laws with respect to the Shares proposed to be transferred shall then be effective, or (ii) that an exemption
from registration is available under the Securities Act and the rules promulgated by the Commission thereunder and is in compliance
with all applicable state securities laws.

 

5.2.       Restrictive
Legends. Unless counsel otherwise advises, all certificates representing the Shares shall have endorsed thereon legends substantially
as follows:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER,
IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OR OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION
EXEMPT FROM REGISTRATION, SUCH SECURITIES MAY ONLY BE TRANSFERRED IF THE COMPANY AND TRANSFER AGENT FOR SUCH SECURITIES HAS RECEIVED
DOCUMENTATION SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.”

 

5.3.       Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary
dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or
a similar transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5. Appropriate
adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Shares subject
to this Section 5.

 

    	 	 	 

     

    

 

6.       Other
Agreements.

 

6.1.       Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2.       No
Obligation as to Employment. The Company is not by reason of this Agreement obligated to employ, or continue to employ, the
Subscriber in any capacity.

 

6.3.       Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder, and
shall be either (1) delivered by hand, (2) sent by overnight courier, (3) sent via facsimile, or (4) sent by certified mail, return
receipt requested, postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have
been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth
above, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service,
(iii) if sent via facsimile, when receipt is acknowledged, or (iv) if sent by certified mail, on the (5th) business
day following the day such mailing is made.

 

6.4.       Entire
Agreement. This Agreement embodies the entire agreement and understanding between the Subscriber and the Company with respect
to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter
hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall
affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

  

6.5.       Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.6.       Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.7.       Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.8.       Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

    	 	 	 

     

    

 

6.9.       Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of the State of New York for agreements made and to be wholly performed within such country.

 

6.10.     Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.11.      No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.12.       Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.13.       No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

  

6.14.       Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

    	 	 	 

     

    

 

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

 

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

 

8.       Disclosure.
The Subscriber agrees not to disclose information about this Agreement and the transactions contemplated hereby until and to the
extent the Company publicly discloses such information.

 

9.     Fees.
Each party hereto shall be responsible for its own internal costs and legal, accounting and other professional fees incurred in
connection with the negotiation, preparation and execution of this Agreement.

 

[Signature Page Follows]

 

    	 	 	 

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this agreement and return it to us.

 

Accepted and agreed this

 

May 13, 2022

 

	 	Very truly yours,	 
	 	 	 
	 	
        INKSTONE FEIBO ACQUISITION 

        CORPORATION

	 	 	 	 
	 	By:	/s/ I Fa Chang	 
	 	Name: 	 I Fa Chang	 
	 	Title:	CEO	 

 

[Signature Page to Insider Shares Purchase
Agreement-the Company]

 

    	 	 	 

     

    

 

Accepted and agreed to this

 

May 13, 2022

 

XUEDONG (TONY) TIAN

 

	By:	/s/ Xuedong (Tony) Tian	 
	Name: 	Xuedong (Tony) Tian	 

  

[Signature Page to Insider Shares Purchase
Agreement-Sponsor]Exhibit 10.7

 

[ ], 2022

PRIVATE UNIT SUBSCRIPTION AGREEMENT 

BETWEEN THE REGISTRANT AND THE SPONSOR

 

Inkstone Feibo Acquisition Corporation

221 W 9th St, PMB 235

Wilmington, DE 19801 

 

Ladies and Gentlemen:

 

Inkstone Feibo Acquisition
Corporation (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses
or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933,
as amended (“Securities Act”), in connection with its initial public offering (“IPO”), pursuant
to a registration statement on Form S-1 (“Registration Statement”).

 

The undersigned hereby
commits that it will purchase 414,000 units (or up to 450,000 units if the over-allotment option is exercised in full by the underwriters)
of the Company (“Private Units”), each Private Unit consisting of one share of Class A common stock of the Company,
par value $0.0001 per share (the “Class A Common Stock”), and one-half of one redeemable warrant, with each
whole warrant to acquire one share of Class A Common Stock (each a “Warrant”), at $10.00 per Private Unit, for
a purchase price of $4,140,000 (or up to $4,500,000 if the over-allotment option is exercised in full by the underwriters) (the
“Private Unit Purchase Price”).

 

At least twenty-four (24)
hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Unit Purchase Price to
be delivered to the Company by wire transfer as set forth in the instructions attached as Exhibit A to hold in a non-interest
bearing account until the Company consummates the IPO.

 

The consummation of the
purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO. Simultaneously with the
consummation of the IPO, the Company shall deposit the Private Unit Purchase Price, without interest or deduction, into the trust
fund (“Trust Fund”) established by the Company for the benefit of the Company’s public stockholders as
described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from the date of this letter,
the Private Unit Purchase Price (without interest or deduction) will be returned to the undersigned.

 

The Private Units will
be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:

 

		●	to vote the shares of Class A Common Stock included in the Private Units in favor of any proposed
Business Combination;

 

		●	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate
of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s
shares of Class A Common Stock sold in the IPO if the Company does not complete an initial Business Combination within 12 months
from the closing of the IPO (or up to 15 months or 18 months, as applicable), unless the Company provides the holders of shares
of Class A Common Stock sold in the IPO with the opportunity to redeem their shares of Class A Common Stock upon approval of any
such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest earned
on Trust Fund and not previously released to the Company to pay the Company’s franchise and income taxes, divided by the
number of then outstanding shares of Class A Common Stock sold in the IPO;

 

    	 	1	 

     

    

 

		●	not to convert any shares of Class A Common Stock included in the Private Units into the right
to receive cash from the Trust Fund in connection with a stockholder vote to approve either a Business Combination or an amendment
to the provisions of the Company’s Amended and Restated Certificate of Incorporation, and not to tender the Private Units
in connection with a tender offer conducted prior to the closing of a Business Combination;

 

		●	the undersigned will not participate in any liquidation distribution with respect to the Private
Units (but will participate in liquidation distributions with respect to any units or shares of Class A Common Stock purchased
by the undersigned in the IPO or in the open market) if the Company fails to consummate a Business Combination; and

 

		●	the Private Units will include any additional terms or restrictions as is customary in other similarly
structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate
the IPO, each of which will be set forth in the Registration Statement.

 

Further, the undersigned
agrees that its Private Units, and any underlying securities are not transferable or salable until 30 days after the completion
of the Company’s initial Business Combination, except in each case (a) to the Company’s officers or directors, any
affiliates or family members of any of the Company’s officers or directors, any affiliate of the undersigned, any members
of the undersigned, or any of their affiliates, officers, directors, direct and indirect equity holders, (b) in the case of an
individual, 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, 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 securities were originally purchased; (f) in the event of the Company’s
liquidation prior to the completion of the Company’s initial Business Combination; or (g) by virtue of the laws of Cayman
Islands or the undersigned’s limited liability company agreement upon dissolution of the undersigned, provided, however,
that in the case of clauses (a) through (e), or (g) these permitted transferees must enter into a written agreement agreeing to
be bound by these transfer restrictions.

 

The undersigned acknowledges
and agrees that the purchaser of the Private Units will execute agreements in form and substance typical for transactions of this
nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably
acceptable to the undersigned, including but not limited to an insider letter.

 

    	 	2	 

     

    

The undersigned hereby
represents and warrants that:

 

		(a)	it has been advised that the Private Units have not been registered under the Securities Act;

 

		(b)	it will be acquiring the Private Units for its account for investment purposes only;

 

		(c)	it has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the
United States;

 

		(d)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all
persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

		(e)	it is familiar with the proposed business, management, financial condition and affairs of the Company;

 

		(f)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or
needed to consummate the transactions contemplated in this letter; and

 

		(g)	this letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

This letter agreement constitutes
the entire agreement between the undersigned and the Company with respect to the purchase of the Private Units, and supersedes
all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to
the same.

 

[signature page follows]

 

    	 	3	 

     

    

 

	 	Very truly yours,	 
	 	 	 
	 	Inkstone Feibo Acquisition Sponsor LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	I-Fa Chang	 
	 	Title:  	Manager	 

 

Accepted and Agreed:

 

Inkstone Feibo Acquisition Corporation

 

	By:	 	 	 
	 	Name: 	I-Fa Chang	 	 
	 	Title:  	CEO and Chairman	 	 

 

[signature page to subscription agreement
with Sponsor – Inkstone Feibo Acquisition Corporation]

 

    	 	4	 

     

    

 

Exhibit A

 

Wire Instructions

 

Bank Name:

Bank Address:

Account Name:

Account Number:

Routing/ABA Number (Domestic Wires):

Swift Code (Foreign Wire):

Note:

 

    	 	5

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