Document:

Exhibit 10.5 

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT (this “Agreement”)
is made as of January 18, 2022, by and between AIB Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
having its principal place of business 875 at 3rd Avenue, Suite M204A, New York, New York, 10022, and AIB LLC, a Delaware limited liability
company (the “Purchaser”).

 

WHEREAS, the Company desires to sell on a private
placement basis (the “Offering”) an aggregate of 317,500 units (the “Initial Units”)
of the Company, each Initial Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share and one right (the
“Right”) to be governed by the Rights Agreement (defined herein), for a purchase price of $3,175,000, or $10.00
per Initial Unit, and up to 28,125 units (“Additional Units” and together with the Initial Units, the “Units”),
each Additional Unit comprised of one Class A ordinary share and one Right, for a purchase price of $281,250, or $10.00 per Additional
Unit. Each Right entitles the holder thereof to receive one-tenth (1/10) of one Class A ordinary share (the “Right Shares”)
upon the consummation of an initial business combination.

 

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

 

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

 

1. Agreement to Subscribe

 

1.1. Purchase and Issuance of the Initial
Units. For the aggregate sum of $3,175,000 (the “Initial Purchase Price”), upon the terms and subject to
the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the
Purchaser, on the Closing Date (as defined in Section 1.2) 317,500 Initial Units at $10.00 per Initial Unit.

 

In addition to the foregoing, the Purchaser hereby
agrees to purchase up to an additional 28,125 Additional Units at $10.00 per Additional Unit for a purchase price of $281,250 (the “Additional
Purchase Price” and together with the Initial Purchase Price, the “Purchase Price”). The purchase
and issuance of the Additional Units shall occur only in the event that the underwriters’ 45-day over-allotment option (“Over-Allotment
Option”) in the Offering is exercised in full or part. The total number of Additional Units to be purchased hereunder shall
be in the same proportion as the amount of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur
simultaneously with the consummation of any portion of the Over-Allotment Option.

 

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

 

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

 

     

     

    

 

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

 

2. Representations and Warranties of the
Purchaser

 

The Purchaser represents and warrants to the Company
that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3. Representations
and Warranties of the Company

 

The Company represents and
warrants to the Purchaser that:

 

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

 

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

 

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

 

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

 

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

 

4. Legends

 

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

 

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

 

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

 

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

 

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

 

4.4. Registration Rights. The Purchaser
will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration Rights
Agreement”) to be entered into with the Company on or prior to the closing of the IPO.

 

5. Lockup

 

The Purchaser acknowledges and agrees that the
Units, the Rights, the Unit Shares and the Right Shares shall not be transferable, saleable or assignable until thirty (30) days after
the consummation of an acquisition, share exchange, purchase of all or substantially all of the assets of, or any other similar business
combination with one or more businesses or entities (a “Business Combination”), except to permitted transferees
(as defined in the Insider Letter).

 

6. Securities Laws Restrictions

 

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

 

7. Waiver of Distributions
from Trust Account

 

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

 

8. Rescission Right Waiver and Indemnification

 

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

 

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

  

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

 

9. Terms of the Unit

 

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

 

10. Governing Law; Jurisdiction; Waiver
of Jury Trial

 

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

 

11. Assignment; Entire Agreement; Amendment

 

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

 

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

 

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

 

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

 

12. Notices; Indemnity

 

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

 

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

 

13. Counterparts

 

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

 

14. Survival; Severability

 

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

 

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

 

15. Headings

 

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

 

16. Construction

 

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

 

[Remainder of page intentionally left blank]

 

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

 

	 	AIB ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Eric Chen
	 	Name:	Eric Chen
	 	Title:	Chief Executive Officer

   

Accepted and agreed on

January 18, 2022

 

AIB LLC

 

	By:	/s/
Eric Chen	 
	Name: 	Eric Chen	 
	Title:	Managing Member	 

 

 

8Exhibit 10.6

 

THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION
(THE “PURCHASE OPTION”) BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE
OR HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT
WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING
THE EFFECTIVE DATE (AS DEFINED HEREIN) TO ANYONE OTHER THAN TO (I) MAXIM PARTNERS LLC (“MAXIM”) OR AN UNDERWRITER
OR SELECTED DEALER PARTICIPATING IN THE OFFERING (AS DEFINED HEREIN) OR (II) AN OFFICER OR PARTNER OF MAXIM OR OF ANY SUCH UNDERWRITER
OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR
TO THE CONSUMMATION BY AIB ACQUISITION CORPORATION (THE “COMPANY”) OF A MERGER, SHARE EXCHANGE, ASSET ACQUISITION,
RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) (AS DESCRIBED
MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (AS DEFINED HEREIN)). THIS PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M. NEW
YORK CITY LOCAL TIME, ON THE EARLIER OF THE LIQUIDATION OF THE COMPANY’S TRUST ACCOUNT (AS DESCRIBED IN THE REGISTRATION STATEMENT)
IF THE COMPANY HAS NOT COMPLETED A BUSINESS COMBINATION WITHIN THE REQUIRED TIME PERIOD OR JANUARY 18, 2027.

 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

431,250 UNITS OF

AIB acquisition CORPORATION

 

1. Purchase
Option.

 

THIS CERTIFIES THAT, in consideration of $100.00
duly paid by or on behalf of Maxim Partners LLC (“Holder”), as registered owner of this Purchase Option, to
AIB Acquisition Corporation (the “Company”), Holder is entitled, at any time or from time to time upon the consummation
of a Business Combination (the “Commencement Date”), and at or before 5:00 p.m., New York City local time, on
the earlier of the liquidation of the Company’s Trust Account (as described in the Company’s Registration Statement on Form
S-1 (the “Registration Statement”) pursuant to which units of the Company are offered for sale to the public
in the Company’s initial public offering (“Offering”)) in the event the Company has not completed a Business
Combination within the required time periods and January 18, 2027, five years from the effective date (the “Effective Date”)
of the Registration Statement (the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive,
in whole or in part, up to 431,250 units (“Units”) of the Company, each Unit consisting of one (1) ordinary
share of the Company (the “Ordinary Share(s)”) and one (1) right to receive one-tenth (1/10) of an Ordinary
Share upon the consummation of a Business Combination (the “Right(s)”). Each Right is the same as the right
included in the units being registered for sale to the public by way of the Registration Statement (the “Public Rights”).
If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option may be exercised
on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date,
the Company agrees not to take any action that would terminate the Purchase Option. This Purchase Option is initially exercisable at $11.00
per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and Ordinary Shares and Rights)
to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean
the initial exercise price or the adjusted exercise price, depending on the context.

 

     

     

    

 

 2. Exercise OF PUrchase option.

 

2.1 Exercise
Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or
by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m.,
New York City local time, on the Expiration Date, this Purchase Option shall become and be void without further force or effect, and all
rights represented hereby shall cease and expire.

 

2.2 Legend.
Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows, unless such securities have been
registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities represented by this certificate
have not been registered under the Securities Act of 1933, as amended (the “Act”) or applicable state law. The securities
may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant
to an exemption from registration under the Act and applicable state law.”

 

2.3 Cashless
Exercise.

 

2.3.1 Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable
(and in lieu of being entitled to receive Ordinary Shares) in the manner required by Section 2.1, and subject to Section 6.1
hereof, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option
into Units (“Cashless Exercise Right”) as follows: upon exercise of the Cashless Exercise Right, the Company
shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units (or that number
of Ordinary Shares and Rights comprising that number of Units) equal to the number of Units to be exercised multiplied by the quotient
obtained by dividing (x) the “Value” (as defined herein) of the portion of the Purchase Option being converted by (y) the
Current Market Value (as defined herein). The “Value” of the portion of the Purchase Option being converted
shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion
of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion
of the Purchase Option being converted. As used herein, the term “Current Market Value” per Unit at any date
means: (A) in the event that the Units, Ordinary Shares and Public Rights are still trading, (i) if the Units are listed on a national
securities exchange, the average reported last sale price of the Units in the principal trading market for the Units as reported by the
exchange, as the case may be, for the three trading days preceding the date in question; or (ii) if the Units are not listed on a national
securities exchange, but is traded in the over-the-counter market, the average reported last sale price for Units for the three trading
days preceding the date in question for which such quotations are reported by the OTC Markets Group Inc., or similar publisher of such
quotations; (B) in the event that the Units are not still trading but the Ordinary Shares and Public Rights underlying the Units are still
trading, the aggregate of (i) the product of (x) the Current Market Price of the Ordinary Share and (y) the number of the Ordinary Shares
underlying one Unit (which shall include the portion of an Ordinary Share the holder of a Unit would automatically receive in connection
with the Right included in each such Unit); or (C) in the event that the Units are not still trading, the aggregate of (i) the product
of (x) the Current Market Price of the Ordinary Shares and (y) the number of the Ordinary Shares underlying one Unit (which shall include
the portion of an Ordinary Share the holder of a Unit would automatically receive in connection with the Right included in each such Unit).
The “Current Market Price” shall mean (i) if the Ordinary Shares are listed on a national securities exchange,
the average reported last sale price of the Ordinary Shares in the principal trading market for the Ordinary Share as reported by the
exchange, as the case may be, for the three trading days preceding the date in question; (ii) if the Ordinary Shares are not listed on
a national securities exchange, but are traded in the over-the-counter market, the average reported last sale price for the Ordinary Share
for the three (3) trading days preceding the date in question for which such quotations are reported by the OTC Markets Group Inc., or
similar publisher of such quotations; and (iii) if the fair market value of the Ordinary Share cannot be determined pursuant to clause
(i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

 

    2

     

    

 

2.3.2 Mechanics
of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto with
the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number of Units
the Holder will purchase pursuant to such Cashless Exercise Right

 

2.4 No
Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will the Company
be required to net cash settle the exercise of the Purchase Option. The holder of the Purchase Option will not be entitled to exercise
the Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration statement is effective,
or an exemption from the registration requirements is available at such time and, if the holder is not able to exercise the Purchase Option,
the Purchase Option will expire worthless.

  

3. Transfer
of purchase option.

 

3.1 General
Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer, assign,
pledge or hypothecate this Purchase Option (or the Ordinary Shares underlying this Purchase Option), or cause the Purchase Option (or
the Ordinary Shares underlying this Purchase Option) to be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the Purchase Option by any person, for a period of 180 days (pursuant to Rule
5110(g)(1) of the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)) following the Effective
Date to anyone other than (i) Maxim or an underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer
or partner of Maxim or of any such underwriter or selected dealer. On and after the 181st day following the Effective Date,
transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the
Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) business
days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option of like tenor to the
appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion
of such number as shall be contemplated by any such assignment.

 

3.2 Restrictions
Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the Company has
received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under
the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the
Company hereby agreeing that the opinion of Loeb & Loeb LLP shall be deemed satisfactory evidence of the availability of an exemption),
or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has been filed
by the Company and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance
with applicable state securities law has been established.

 

    3

     

    

 

4. New
Purchase Option to be Issued.

 

4.1 Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax, the Company
shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this Purchase Option in the name of the
Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase Option has not
been exercised or assigned

 

4.2 Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase
Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option
of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

5. REGISTRATION
RIGHTS.

 

5.1 Demand
Registration.

 

5.1.1 Grant
of Right. The Company, upon written demand (the “Initial Demand Notice”) of the Holder(s) of at least 51%
of the Purchase Option and/or the underlying Units and/or the underlying securities (the “Majority Holders”),
agrees to use its best efforts to register (the “Demand Registration”) under the Act on one occasion, all or
any portion of the (i) Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying
such Purchase Option, including the Units and Ordinary Shares and (ii) the units issued to the Holder prior to or concurrently with the
Offering and all the securities underlying such units (collectively, the “Registrable Securities”). On such
occasion, the Company will use its best efforts to file a registration statement or a post-effective amendment to the Registration Statement
covering the Registrable Securities as expeditiously as possible after receipt of the Initial Demand Notice and use its best efforts to
have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration
may be made at any time during a period of four and one-half years beginning 180 days after the Effective Date. The Initial Demand Notice
shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The
Company will notify all holders of the Purchase Option and/or Registrable Securities of the demand within ten days from the date of the
receipt of any such Initial Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a
“Demanding Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of
the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included
in the Demand Registration, subject to Section 5.1.4. The Company shall not be required to effect more than one (1) Demand Registration
under this Section 5.1 in respect of all Registrable Securities.

 

5.1.2 Effective
Registration. Notwithstanding Section 5.1.5, a registration will not count as a Demand Registration until the registration
statement filed with the Commission, with respect to such Demand Registration, has been declared effective and the Company has complied
with all of its obligations under this Purchase Option with respect thereto.

 

    4

     

    

 

5.1.3 Underwritten
Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, the offering
of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the
right of any holder to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation
in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein.
All Demanding Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by the Majority Holders.

 

5.1.4 Reduction
of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding
Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company desires to sell and the Ordinary
Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other
shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such
offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of
such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”),
then the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested
by the Demanding Holders (pro rata in accordance with the number of shares that each such person has requested be included in such registration,
regardless of the number of shares held by each such person (such proportion is referred to herein as “Pro Rata”))
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (i) and (ii), the Ordinary Shares or other securities registrable pursuant to the terms of the Registration Rights
Agreement between the Company and the initial investors in the Company and Maxim, dated as of January 18, 2022 (the “Registration
Rights Agreement” and such registrable securities, the “Investor Securities”) as to which “piggy-back”
registration has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and
(iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the
Ordinary Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

5.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their
Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by
giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to continue its obligations
under Section 5.1, provided that, any such withdrawal will not count as the Demand Registration if the Demanding Holders
pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn registration.

 

    5

     

    

 

5.1.6 Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal
counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay
any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities
in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company
be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to
qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction
or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company
shall use its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights granted
under Section 5.1.1 to remain effective for a period of nine consecutive months from the effective date of such registration statement
or post-effective amendment.

 

5.2 Piggy-Back
Registration.

 

5.2.1 Piggy-Back
Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to file a registration statement
under the Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or
convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or by the
Company and by shareholders of the Company including, without limitation, pursuant to Section 5.1), other than a registration statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing underwriter or underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five
(5) days following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and
conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such Piggy-Back Registration.

 

5.2.2 Reduction
of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the holders of Registrable Securities in writing that the dollar amount or number of Ordinary Shares which the Company
desires to sell, taken together with Ordinary Shares, if any, as to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration
has been requested under this Section 5.2, and the Ordinary Shares, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Shares,
then the Company shall include in any such registration:

 

    6

     

    

 

(a) If
the registration is undertaken for the Company’s account: (A) first, Ordinary Shares or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any, comprised of Registrable Securities
and Investor Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration
rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent
that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights
with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

(b) If
the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first, the Ordinary
Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of
Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Ordinary
Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable
Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the
Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A), (B) and (C), the Ordinary Shares or other securities for the account of other persons that the Company is obligated to register pursuant
to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares; and

 

(c) If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons that
can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A) and (B), collectively the Ordinary Shares or other securities comprised of Registrable Securities and Investor Securities, Pro Rata,
as to which registration has been requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that
can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other securities for the account of other persons that the
Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the
Maximum Number of Shares.

 

5.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration
statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration statement. Notwithstanding
any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 5.2.4.

 

    7

     

    

 

5.2.4 Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal
counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay
any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed
date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration
statement filed (during the period in which the Purchase Option is exercisable) by the Company until such time as all of the Registrable
Securities have been registered and sold. The Holders of the Registrable Securities shall exercise the “piggy-back” rights
provided for herein by giving written notice within ten days of the receipt of the Company’s notice of its intention to file a registration
statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above “piggyback”
rights to remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity
to sell all of such securities.

 

5.3 General
Terms.

 

5.3.1 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced
or threatened, or any claim whatsoever whether arising out of any action between the underwriter and the Company or between the underwriter
and any third party or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed
to indemnify the underwriters contained in Section 5 of the Underwriting Agreement between the Company, Maxim and the other underwriters
named therein dated the Effective Date (“Underwriting Agreement”). The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the
Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other
expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under
the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns
for specific inclusion in such registration statement or arising from any omission or the alleged omission to state a material fact required
to be stated therein or necessary to make the statement contained therein not misleading in connection with the registration of the Registrable
Securities, to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant
to which the underwriters have agreed to indemnify the Company.

  

5.3.2 Exercise
of Purchase Option. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase
Option prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

    8

     

    

 

5.3.3 Documents
Delivered to Holders. The Company shall furnish Maxim, for as long as it is a Holder, as representative of the Holders participating
in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s
financial statements included in such registration statement, in each case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to Maxim, as
representative of the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff
with respect to the registration statement and permit Maxim, as representative of the Holders, to do such investigation, upon reasonable
advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at
such reasonable times and as often as Maxim, as representative of the Holders, shall reasonably request. The Company shall not be required
to disclose any confidential information or other records to Maxim, as representative of the Holders, or to any other person, until and
unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the
Company), with the Company with respect thereto.

 

5.3.4 Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders
whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and
contribution obligations for selling shareholders as are customarily contained in agreements of that type used by the managing underwriter.
Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder
shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5 Rule
144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant
to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i)
where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule
144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, or (ii) where the number of Registrable
Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such Holder were an
affiliate within the meaning of Rule 144).

 

    9

     

    

 

5.3.6 Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which
the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement covering
such Registrable Securities until such Holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired
by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate
of such destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice.

 

6. ADJUSTMENTS.

 

6.1 Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be subject
to adjustment from time to time as hereinafter set forth:

 

6.1.1 Stock
Dividends – Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is increased by a stock dividend payable in Ordinary Shares or by a split-up of Ordinary Shares or other similar event,
then, on the effective date thereof, the number of Ordinary Shares underlying each of the Units purchasable hereunder shall be increased
in proportion to such increase in outstanding shares.

 

6.1.2 Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding Ordinary Shares
is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the effective date
thereof, the number of Ordinary Shares underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease
in outstanding shares and the Exercise Price shall be proportionately increased.

 

6.1.3 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares other
than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Ordinary Shares, or
in the case of any merger or consolidation of the Company with or into another company (other than a consolidation or merger in which
the Company is the continuing entity and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares),
or in the case of any sale or conveyance to another company or entity of the property of the Company as an entirety or substantially as
an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until
the expiration of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise
Price payable hereunder immediately prior to such event, the kind and amount of shares or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
by a Holder of the number of Ordinary Shares of the Company obtainable upon exercise of this Purchase Option immediately prior to such
event; and if any reclassification also results in a change in Ordinary Shares covered by Section 6.1.1 or 6.1.2, then such
adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section
6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4 Changes
in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and a
Purchase Option issued after such change may state the same Exercise Price and the same number of Units as are stated in the Purchase
Option as initially issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a required or permissive
change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

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6.2 Substitute
Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company into, another
entity (other than a consolidation or merger which does not result in any reclassification or change of the outstanding Ordinary Shares),
the entity formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option providing that
the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration
of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares and other securities and property
receivable upon such consolidation or merger, by a holder of the number of Ordinary Shares of the Company for which such Purchase Option
might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide
for adjustments which shall be identical to the adjustments provided in Section 6. The above provision of this Section shall similarly
apply to successive consolidations or mergers.

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Ordinary Shares upon the
exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the
intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down to the nearest whole number
of Ordinary Shares or other securities, properties or rights.

 

7. RESERVATION
AND LISTING. The Company shall at all times reserve and keep available out of its authorized but unissued Ordinary Shares,
solely for the purpose of issuance upon exercise of the Purchase Option (including the Ordinary Shares underlying the Rights), such number
of Ordinary Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and
agrees that, upon exercise of the Purchase Option and payment of the Exercise Price therefor, all Ordinary Shares and other securities
issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any
shareholder. As long as the Purchase Option shall be outstanding, the Company shall use its best efforts to cause all (i) Units and Ordinary
Shares issuable upon exercise of the Purchase Option, (ii) Rights issuable upon exercise of the Purchase Option and (iii) Ordinary Shares
underlying the Rights included in the Units issuable upon exercise of the Purchase Option to be listed and/or quoted (subject to official
notice of issuance) on all securities exchanges (or, if applicable, on the OTC Bulletin Board or OTC Markets Group, Inc. or any successor
trading market) on which the Ordinary Shares may then be listed and/or quoted.

 

8. CERTAIN
NOTICE REQUIREMENTS.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a shareholders
for the election of directors or any other matter, or as having any rights whatsoever as a shareholders of the Company. If, however, at
any time prior to the expiration of the Purchase Option and its exercise, any of the events described in Section 8.2 shall occur,
then, in each such event, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record
date or the date of closing the transfer books for the determination of the shareholders entitled to such dividend, distribution, conversion
or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such
notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing,
the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in
the same manner that such notice is given to the shareholders.

 

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8.2 Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated
by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders
of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares
of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding
up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets
and business shall be proposed.

 

8.3 Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Executive Officer.

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall be deemed
to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the
Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the following address
or to such other address as the Company may designate by notice to the Holders:

 

AIB Acquisition Corporation 

875 3rd Avenue, Suite M204A

New York, New York, 10022

Attn: Eric Chen, CEO

Telephone: 212-380-8128

 

9. MISCELLANEOUS.

 

9.1 Amendment
The Company and Maxim, for as long as it is a Holder, may from time to time supplement or amend this Purchase Option without the approval
of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or
inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that
the Company and Maxim may deem necessary or desirable and that the Company and Maxim deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3 Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with
this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

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9.4 Binding
Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon the Holder and the Company and their permitted
assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions herein contained.

 

9.5 Governing
Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Holder and the Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Holder and the Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company
may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to
it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action
or proceeding and/or incurred in connection with the preparation therefore.

 

9.6 Waiver,
Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non- fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach or non-compliance.

 

9.7 Execution
in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement,
and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
parties hereto.

 

9.8 Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, the Holder agrees that, at any time
prior to the complete exercise of this Purchase Option by the Holder, if the Company and Maxim enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Option’s will be exchanged for securities or
cash or a combination of both, then the Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company has caused this
Purchase Option to be signed by its duly authorized officer as of the 21st day of January, 2022.

 

	 	AIB ACQUISITION CORPORATION
	 	
     

	 	By:	/s/ Eric Chen
	 	 	Name: Eric Chen
	 	 	Title:  Chief Executive Officer

 

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FORM TO BE USED TO EXERCISE PURCHASE OPTION

 

AIB Acquisition Corporation

875 3rd Avenue, Suite M204A

New York, New York, 10022

 

Date: _________________, 20___

 

The undersigned hereby elects irrevocably to exercise
all or a portion of the within Purchase Option and to purchase ____ Units of AIB Acquisition Corporation and hereby makes payment of $____________
(at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue the securities as to which this Purchase
Option is exercised in accordance with the instructions given below.

 

or

 

The undersigned hereby elects irrevocably to convert
its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion of the attached
Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______). Please issue the securities
comprising the Units as to which this Purchase Option is exercised in accordance with the instructions given below.

 

	 	Signature:	 
	 	 	 
	 	NOTICE: The signature must correspond with the name as written upon the face of the Purchase Option in every particular, without alteration or enlargement or any change whatever.
	 	 	 	 	 

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15).

	 

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:

	 
	(Print in Block Letters)

 

Address: 

	 

 

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FORM TO BE USED TO ASSIGN PURCHASE OPTION

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,______________________________________________
does hereby sell, assign and transfer unto___________________________________________ the right to purchase __________ Units of AIB Acquisition
Corporation (the “Company”) evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

 

Dated:___________________, 20__ 

	 	 	 
	 	Signature	 
	 	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the Purchase Option in every particular, without alteration or enlargement or any change whatever.
	 	 	 	 

 

Signature(s) Guaranteed:

	 

THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15).

 

 

16

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