Document:

Exhibit 10.1

 

[ ], 2021

 

Armada Acquisition
Corp. I

2005 Market Street,
Suite 3120

Philadelphia, PA
19103

 

Northland Securities,
Inc.

750 3rd
Avenue

New York, NY 10017

 

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Armada Acquisition Corp. I, a Delaware corporation (the “Company”), and Northland Securities, Inc., as representative
(the “Representative”) of the several Underwriters named in Schedule I thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
and one-half of one warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
Certain capitalized terms used herein are defined in paragraph 13 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the undersigned hereby agrees with the Company as follows:

 

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

 

2. (a) In the event that the Company
fails to consummate a Business Combination within the time period set forth in the Company’s Second Amended and Restated Certificate
of Incorporation, as the same may be amended from time to time (the “Certificate of Incorporation”), the undersigned
will, as promptly as possible, cause the Company to pay in cash to the holders of IPO Shares a per-share price equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the Trust Account net of interest released to the Company as
permitted pursuant to the Trust Agreement, divided by the number of then outstanding IPO Shares.

 

(b) The undersigned hereby waives
any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”)
with respect to the shares of Founders’ Common Stock and Private Shares owned by the undersigned and hereby waives any Claim the
undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever.

 

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

 

    

    

    

 

 

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

 

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

  

5. (a) The undersigned will place
into escrow all shares of Founders’ Common Stock owned by him/her/it pursuant to the terms of a Stock Escrow Agreement which the
Company will enter into with the holders of the Founders’ Common Stock and an escrow agent.

 

(b) The undersigned agrees
that until after the Company consummates a Business Combination, all Private Shares owned by him/her/it will be subject to the
transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Shares.

 

6. (a) In order to minimize potential
conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until the earliest of the
Company’s execution of a definitive agreement for a business combination or liquidation or the undersigned if an officer and/or
director of the Company, ceases to be an officer or director, the undersigned shall present to the Company for its consideration, prior
to presentation to any other entity, any suitable target business, subject to any pre-existing fiduciary or contractual obligations the
undersigned might have.

 

(b) Reserved.

 

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

 

7. Each of the undersigned individuals
agrees to be the director or officer of the Company as described in the Registration Agreement until the earlier of the consummation by
the Company of a Business Combination or the liquidation of the Company. Each of the undersigned individuals’ biographical information
previously furnished to the Company and the Representative is true and accurate in all respects, does not omit any material information
with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of
Regulation S-K, promulgated under the Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company
and the Representative is true and accurate in all respects. The undersigned represents and warrants that:

 

    

    

    

 

 

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

 

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

 

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

 

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

 

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

 

(f)       he/she/it
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state
authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage in any activity described in 7(e)(i)
above, or to be associated with persons engaged in any such activity;

 

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

 

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

 

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

 

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

 

    

    

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

    

    

 

 

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

 

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

 

9. The undersigned hereby waives
any right to exercise redemption rights with respect to any shares of Common Stock owned or to be owned by the undersigned, directly or
indirectly (or to sell such shares to the Company in a tender offer), whether such shares be part of the Founders’ Common Stock,
Private Shares or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees not to seek redemption with respect
to such shares in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer in
connection with such a Business Combination).

 

10. The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to Article Sixth of the Second Amended and Restated Certificate of Incorporation prior
to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares
of Common Stock upon such approval in accordance with such Article Sixth thereof.

  

11. In the event that the Company
does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation,
Sponsor agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.

 

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

 

13. As used herein, (i) a “Business
Combination” means a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers, directors
and Sponsor of the Company immediately prior to the IPO; (iii) “Founders’ Common Stock” means all of the
shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” means the shares
of Common Stock issued in the Company’s IPO; (v) “Private Shares” means the Shares that are being sold
privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Agreement” means the Investment
Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered into in connection with
the IPO and governing the use of funds held in the Trust Account; (vii) “Trust Account” means the trust account
into which a portion of the net proceeds of the IPO will be deposited; and (viii) “Registration Statement” means
the Company’s registration statement on Form S-1 (SEC File No. 333-257692) filed with the Securities and Exchange Commission, as amended
and supplemented from time to time.

 

    

    

    

 

 

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

 

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

  

[Signature Page Follows]

    	 

    	 

    

 

 

 

 

	 	ARMADA SPONSOR LLC
	 	 
	 	By:
	 	Name: Stephen P. Herbert
	 	Title:  Managing Member
	 	 
	 	By: 
	 	Name: Douglas M. Lurio
	 	Title: Managing Member 
	 	 
	 	 
	 	Stephen P. Herbert
	 	 
	 	 
	 	Douglas M. Lurio
	 	 
	 	 
	 	Thomas A. Decker
	 	 
	 	 
	 	Mohammad A. Khan
	 	 
	 	 
	 	Celso L. White 
	 	 
	 	 
	 	NORTHLAND SECURITIES, INC.
	 	By:
	 	Name: 
	
     

     

     

     

    Acknowledged and Agreed:
	Title:  
	 	ARMADA ACQUISITION CORP. I	 
	 	 	 
	 	 	 
	 	By:	 
	 	
    Name: Stephen P. Herbert

    Title: Chief Executive Officer and ChairmanExhibit 10.2

 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of [
], 2021 by and between Armada Acquisition Corp. I (the “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-257692  (“Registration Statement”) for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);

 

WHEREAS, Northland Securities,
Inc. (the “Representative”) is acting as the representative of the several underwriters in the IPO;

 

WHEREAS,
if a Business Combination (as defined herein) is not consummated within the initial 15 month period following the closing of the Offering,
upon the request of the Sponsor, the Company may extend such period by an additional three months, subject to the Company’s sponsor
(the “Sponsor”) or its affiliates or permitted designees depositing $1,500,000
(or $1,725,000 if the Underwriters’ over-allotment option is exercised in full) into the Trust Account no later than the 15 month
anniversary of the IPO, in exchange for which the Sponsor will receive a non-interest bearing, unsecured promissory note payable upon
consummation of a Business Combination; and

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Second Amended and Restated Certificate of Incorporation (the
“Second Amended and Restated Certificate of Incorporation”), $150,000,000 ($172,500,000 if the over-allotment
option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of shares of common stock, par value
$0.0001 per share (“Common Stock”) and the proceeds from any loans in connection with the extension referenced
above, if any, will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the
United States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock, issued in
the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will be referred to herein as the
“Property”; the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the
“Beneficiaries”); and

 

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

 

IT IS AGREED:

 

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

 

(a) Hold the Property in trust
for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee initially at J.P.
Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) in the United
States, maintained by Trustee, and deposit the Property in a brokerage account located in the United States at JP Morgan Chase Bank, N.A.,
which Property will be invested at the discretion of the Trustee in accordance with the terms of this Agreement;

 

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

 

(c) In a timely manner, upon the
written instruction of the Company, either (a) invest and reinvest the Property in United States “government securities” within
the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having
a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment Company Act that holds itself
out as a money market fund selected by the Company meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment
Company Act, which invest only in direct U.S. government treasury obligations or (b) cause the brokerage institution referred to in 1(a)
above to place the Property in a cash bank account such as an interest or non-interest bearing checking or savings account; it being understood
that unless the Company instructs the Trustee to do either of the foregoing, the Trust Account will earn no interest while account funds
are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration during
such periods;

 

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

 

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

    

    

    

 

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

 

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

 

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

 

(i) Commence liquidation of
the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B, signed on behalf of the Company and, in the case of a Termination Letter in a form
substantially similar to that attached hereto as Exhibit A, jointly acknowledged and agreed to by the Representative,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the
Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has
not been received by the Trustee prior to such date, the Trustee shall commence liquidation of the Trust Account upon the date which
is the latest of (1) 15 months after the closing of the IPO and (2) 18 months after the closing of the IPO upon the extension
effectuated pursuant to the terms hereof, and (3) such later date as may be approved by the Company’s stockholders in
accordance with the Second Amended and Restated Certificate of Incorporation, in which case the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in
the Trust Account, including interest (net of taxes), shall be distributed to the Public Stockholders of record as of such date;

 

(j) Upon receipt of a letter (an “Amendment Notification Letter”)
in the form of Exhibit C, signed on behalf of the Company by an authorized officer, distribute to Public Stockholders who
exercised their redemption rights in connection with an amendment to Article Sixth of the Second Amended and Restated Certificate of Incorporation
(an “Amendment”) an amount equal to the pro rata share of the Property relating to the Common Stock for which such
Public Stockholders have exercised redemption rights in connection with such Amendment.

 

(k) Upon receipt of an extension letter (“Extension Letter”)
substantially similar to Exhibit E hereto at least ten days prior to the 15 month anniversary of the IPO, signed on behalf
of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior to the 15 month
anniversary of the IPO, follow the instructions set forth in the Extension Letter.

 

2. Limited Distributions of Income from Trust Account.

 

(a) Upon written request from
the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the
Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any
income or other tax obligation owed by the Company.

 

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

  

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

 

(a) Give all instructions to the
Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition, except with respect to its duties
under Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled to rely on, and shall
be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the
persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

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

    

    

    

 

  

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

 

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

 

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

 

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

 

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

 

(h) If applicable, issue a press
release at least three days prior to the 15 month anniversary of the IPO announcing that, at least ten days prior to the 15 month anniversary
of the IPO, the Company received notice from the Sponsor that the Sponsor intends to deposit funds into the Trust Account for extending
the period of time to consummate the Business Combination and the Board of Directors of the Company has approved such extension.

 

(i) Promptly following the 15
month anniversary of the IPO, disclose whether or not the deadline for the Company to consummate a Business Combination has been extended.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

6. Termination. This Agreement shall terminate as follows:

 

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

 

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

 

7. Miscellaneous.

 

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

    

    

    

 

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

 

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

 

(d) This Agreement contains the
entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j)
(which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding
shares of Common Stock of the Company; provided that no such amendment will affect any Public Stockholder who has otherwise indicated
his, her or its election to redeem his, her or its shares of Common Stock in connection with a vote sought to amend this Agreement), this
Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided,
however, that no such change, amendment or modification may be made without the prior written consent of the Representative. The Trustee
may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Armada Acquisition Corp. I

2005 Market Street, Suite 3120

Philadelphia, PA 19103

Attn: Douglas M. Lurio

E-mail: dlurio@luriolaw.com

 

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

 

Northland Securities,
Inc.

750 3rd Avenue

New York, NY 10017

Attn: [ ]

Fax No.:

Email: [ ]

and

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

E-mail: dmiller@graubard.com

    

    

    

 

and

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Email: SNeuhauser@egsllp.com

 

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

 

(g) Each of the Trustee and the
Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform
its respective obligations as contemplated hereunder.

 

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

 

[Signature Page Follows]

 

 

 

    	 

    	 

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	ARMADA ACQUISITION CORP. I
	 	 	 	 
	 	By:	 
	 	 	Name: 	Stephen P. Herbert
	 	 	Title:	Chief Executive Officer and Chairman 

 

 

 

 

    	 

    	 

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	 Prevailing rates	 

 

 

 

 

    	 

    	 

    

 

EXHIBIT A

 

[Letterhead of Company] 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account  Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

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

 

In accordance with the terms of
the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the Trust Account
at [JPMorgan Chase Bank, N.A.] to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately
available for transfer to the account or accounts that the Company shall direct on the Consummation Date. It is acknowledged and agreed
that while the funds are on deposit in the trust account awaiting distribution, the Company will not earn any interest or dividends.

 

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

 

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

 

	 	Very truly yours,
	 	 
	 	ARMADA ACQUISITION CORP. I 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

    

    

    

 

AGREED TO AND ACKNOWLEDGED BY

  

  

	NORTHLAND SECURITIES, INC.	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

 

 

    	 

    	 

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
– Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

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

 

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

 

	 	Very truly yours,
	 	 
	 	ARMADA ACQUISITION CORP. I 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: Northland Securities, Inc.

 

 

 

 

    	 

    	 

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account –
Amendment Notification Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

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

 

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

 

	 	Very truly yours,
	 	 
	 	ARMADA ACQUISITION CORP. I 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

cc: Northland Securities, Inc.

 

 

 

 

    	 

    	 

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account –
Withdrawal Instructions

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of the
Investment Management Trust Agreement between Armada Acquisition Corp. I (“Company”) and Continental Stock Transfer
& Trust Company, dated as of [ ], 2021 (“Trust Agreement”), the Company hereby requests that you deliver to the
Company [$_______] of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay for its income
or other tax obligations.

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	ARMADA ACQUISITION CORP. I 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: Northland Securities, Inc.

 

    

    

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste
Gonzalez

 

	 	Re:	Trust Account Extension Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between Armada Acquisition Corp. I (“Company”) and Continental Stock Transfer &
Trust Company, dated as of [ ], 2021 (“Trust Agreement”), this is to advise you that the Company is extending the time
available to consummate a Business Combination for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to the Extension. Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance
with the terms of the Trust Agreement, we hereby authorize you to deposit $1,500,000 [(or $1,725,000 if the underwriters’ over-allotment
option was exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.

 

 

	 	Very truly yours,
	 	 
	 	Armada Acquisition Corp. I

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Cc:	Northland Securities, Inc.

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