Document:

Exhibit 4.6

 

FORM OF RIGHTS AGREEMENT

 

This Rights Agreement (this
 "Agreement") is made as of                 , 2022, by and between AXIOS Sustainable Growth Acquisition Corporation, a Cayman Islands
exempted company (the "Company"), and Continental Stock Transfer and Trust Company, a New York Limited Purpose Trust
Company (the "Rights Agent").

 

WHEREAS, the Company is engaged
in an initial public offering (the "Offering") of 12,500,000 of units of the Company’s equity securities
(or 14,375,000 units if the underwriter’s over-allotment option is exercised in full) (the "Units"), each
Unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (each, an "Ordinary Share"),
one right (each, a "Right") and one redeemable warrant (each, a "Warrant"). Each Right
entitles the holder to receive one-twentieth (1/20) of an Ordinary Share upon consummation of an initial business combination. Each Warrant
entitles the holder to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment.

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the "Commission") a Registration Statement on Form S-1, File No.
[333- ] (the "Registration Statement"), and related Prospectus (the "Prospectus") for
the registration, under the Securities Act of 1933, as amended (the "Act"), of, among other securities, the Rights
and the Ordinary Shares issuable to the holders of the Rights;

 

WHEREAS, the Company desires
the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration,
transfer and exchange of the Rights;

 

WHEREAS, the Company desires
to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation
of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on
behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.           
Appointment of Rights Agent. The Company hereby appoints
the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent hereby accepts such appointment and agrees to perform
the same in accordance with the terms and conditions set forth in this Agreement.

 

     

     

    

 

2.            Rights.

 

2.1              Form
of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A
hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of
the Board, the Chief Executive Officer, the Chief Financial Officer, the President, the Treasurer or the Secretary of the Company.
In the event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which
such person signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to be
such at the date of issuance.

 

2.2             
Effect of Countersignature. Unless and until countersigned
by the Rights Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may not be exchanged for Ordinary Shares.

 

2.3             
Registration.

 

2.3.1       
Right Register. The Rights Agent shall maintain books (the "Right Register")
for the registration of original issuance and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the
Rights Agent shall issue and register the Rights in the names of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Rights Agent by the Company.

 

2.3.2       
Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent
may deem and treat the person in whose name such Right shall be registered upon the Right Register (the "Registered
Holder") as the absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of
ownership or other writing on the Rights certificate made by anyone other than the Company or the Rights Agent), for the purpose of the
exchange thereof, and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4             
Detachability of Rights. Each of the securities comprising
the Units shall begin separate trading on the fifty-second (52nd) day following the date of the Prospectus or, if such fifty-second (52nd)
day is not on a day other than a Saturday, Sunday or federal holiday on which banks in New York City are generally open for normal business
(a "Business Day"), then on the immediately succeeding Business Day following
such date, or with the consent of I-Bankers Securities, Inc., on an earlier date (the "Detachment
Date"), but in no event shall the securities comprising the Units be separately traded until (A) the Company has filed
a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase
additional Units in the Offering (the "Over-Allotment Option"), if the
Over-Allotment Option is exercised prior to the filing of such Form 8-K, and (B) if the Detachment Date is earlier than the 52nd day following
the date of the Prospectus, the Company issues a press release announcing when such separate trading shall begin.

 

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3.            
Terms and Exchange of Rights.

 

3.1              Rights.
Each Right shall entitle the holder thereof to receive one-twentieth of one Ordinary Share upon the happening of an Exchange Event
(defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares
upon an Exchange Event as the purchase price for such Ordinary Shares has been included in the purchase price for the Units. In no
event will the Company be required to net cash settle the Rights or issue fractional Ordinary Shares.

 

3.2             
Exchange Event. An "Exchange
Event" shall occur upon the Company's consummation of an initial Business Combination (as defined in the Company's
Amended and Restated Memorandum and Articles of Association).

 

3.3             
Exchange of Rights.

 

3.3.1       
Issuance of Ordinary Shares. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders
of the Rights to return their Rights certificates to the Rights Agent. Upon receipt of a valid Rights certificate, the Company shall issue
to the Registered Holder of such Right(s) the number of full Ordinary Shares to which he, she or it is entitled, registered in such name
or names as may be directed by him, her or it and issue to such Registered Holder(s) a certificate or book-entry position for the such
shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required
to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In the event that any holder would
otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange Event, the Company will instruct the
Rights Agent will instruct the Rights Agent to round down to the nearest whole Ordinary Share or otherwise inform it how fractional shares
will be addressed in accordance with Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time. Any
rounding down and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the holder of
the relevant Rights, such that value received on exchange of the Rights may be considered less than the value that the holder would otherwise
expect to received.

 

3.3.2       
Valid Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.3       
Date of Issuance. Each person in whose name any such certificate or book-entry position for Ordinary Shares is issued shall
for all purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date
of delivery of such certificate or entry of position.

 

3.3.4        Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held
reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the
holders of the Ordinary Shares will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1 above.
If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will be
required to affirmatively convert his/her or its rights in order to receive the one-twentieth of one share underlying each right
(without paying any additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will
be required to indicate his, her or its election to convert the Rights into underlying Ordinary Shares as well as to return the
original certificates evidencing the Rights to the Company.

 

3.4             
Duration of Rights. If an Exchange Event does not occur
within the time period set forth in the Company's Amended and Restated Memorandum and Articles of Association, as the same may be amended
from time to time, the Rights shall expire and shall be worthless.

 

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4.            
Transfer and Exchange of Rights.

 

4.1             
Registration of Transfer. The Rights Agent shall register
the transfer, from time to time, of any outstanding Right upon the Right Register, upon surrender of such Right for transfer, properly
endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Right
representing an equal aggregate number of Rights shall be issued and the old Right shall be cancelled by the Rights Agent. The Rights
so cancelled shall be delivered by the Rights Agent to the Company from time to time upon request.

 

4.2             
Procedure for Surrender of Rights. Rights may be surrendered
to the Rights Agent, together with a written request for exchange or transfer, and thereupon the Rights Agent shall issue in exchange
therefor one or more new Rights as requested by the Registered Holder of the Rights so surrendered, representing an equal aggregate number
of Rights; provided, however, that in the event that a Right surrendered for transfer bears a restrictive legend and the new Rights to
be issued will not bear a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange therefor until
the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating no restrictive
legend is required.

 

4.3             
Fractional Rights. The Rights Agent shall not be required
to effect any registration of transfer or exchange which will result in the issuance of a Rights certificate for a fraction of a Right.

 

4.4             
Service Charges. No service charge shall be made for any
exchange or registration of transfer of Rights.

 

4.5             
Adjustments to Conversion Ratios. The number of Ordinary
Shares that the holders of Rights are entitled to receive as a result of the occurrence of an Exchange Event shall be equitably adjusted
to reflect appropriately the effect of any share split, reverse share split, share dividend, reorganization, recapitalization, reclassification,
combination, exchange of shares or other like change with respect to the Ordinary Shares occurring on or after the date hereof and prior
to the Exchange Event.

 

4.6             
Right Execution and Countersignature. The Rights Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Rights required to be issued pursuant
to the provisions of this Section 4, and the Company, whenever required by the Rights Agent, will supply the Rights Agent
with Rights duly executed on behalf of the Company for such purpose.

 

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5.           
Other Provisions Relating to Rights of Holders of Rights.

 

5.1             
No Rights as Shareholder. Until the exchange of a Right
for Ordinary Shares as provided for herein, a Right does not entitle the Registered Holder thereof to any of the rights of a shareholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of
the Company or any other matter.

 

5.2             
Lost, Stolen, Mutilated, or Destroyed Rights. If any Right
is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent may on such terms as to indemnity or otherwise as they may
in their discretion impose (which shall, in the case of a mutilated Right, include the surrender thereof), issue a new Right of like denomination,
tenor, and date as the Right so lost, stolen, mutilated, or destroyed. Any such new Right shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

5.3             
Reservation of Ordinary Shares. The Company shall at all
times reserve and keep available a number of its authorized but unissued Ordinary Shares that will be sufficient to permit the exchange
of all outstanding Rights issued pursuant to this Agreement.

 

6.            
Concerning the Rights Agent and Other Matters.

 

6.1             
Payment of Taxes. The Company will from time to time promptly
pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect of the issuance or delivery of Ordinary
Shares upon the exchange of Rights, but the Company shall not be obligated to pay any transfer taxes in respect of the Rights or such
Ordinary Shares.

 

6.2             
Resignation, Consolidation, or Merger of Rights Agent.

 

6.2.1        Appointment
of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days' notice in writing to the Company. If the office of
the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it
has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with
such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company's cost. Any
successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the
laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New
York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or
state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities,
duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without
any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority, powers, and
rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

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6.2.2       
Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice
thereof to the predecessor Rights Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

6.2.3       
Merger or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the
successor Rights Agent under this Agreement without any further act.

 

6.3             
Fees and Expenses of Rights Agent.

 

6.3.1       
Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder
and will reimburse the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its
duties hereunder.

 

6.3.2       
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent
for the carrying out or performing of the provisions of this Agreement.

 

6.4             
Liability of Rights Agent.

 

6.4.1       
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent. The
Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

6.4.2       
Indemnity. The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith.
Subject to Section 6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities,
including judgments, costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement
except as a result of the Rights Agent's gross negligence, willful misconduct, or bad faith.

 

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6.4.3       
 Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company
of any covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Right or as to
whether any Ordinary Shares will when issued be valid and fully paid and nonassessable.

 

6.5             
Acceptance of Agency. The Rights Agent hereby accepts the
agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth.

 

6.6             
Waiver. The Rights Agent hereby waives any right of set-off
or any other right, title, interest or claim of any kind ("Claim") in,
or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

7.            
Miscellaneous Provisions.

 

7.1             
Successors. All the covenants and provisions of this Agreement
by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns.

 

7.2             
Notices. Any notice, statement or demand authorized by this
Agreement to be given or made by the Rights Agent or by the holder of any Right to or on the Company shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of
such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Rights Agent), as follows:

 

AXIOS Sustainable Growth Acquisition
Corporation

Hidden Pines Farm, 1409, Hopewell Road

Alpharetta, Georgia 30004

Attention: Suprotik Das

Email: suprotik.das@axios.ag

 

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

 

Skadden, Arps, Slate, Meagher &
Flom LLP

One Manhattan West

New York, New York 10001

Attention: Michael J. Schwartz, Esq. and Kevin T. Hardy, Esq.

Email: michael.schwartz@skadden.com

Email: kevin.hardy@skadden.com

 

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Any notice, statement or demand
authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as
follows:

 

Continental Stock Transfer & Trust
Company

One State Street, 30th Floor

New York, New York 10004

Attn: Steve Nelson

 

7.3             
Applicable Law and Exclusive Forum. The validity, interpretation,
and performance of this Agreement and of the Rights shall be governed in all respects by the laws of the State of New York, without giving
effect to conflict of laws. Subject to applicable law, the Company and the Rights Agent hereby agree that any action, proceeding or claim
against either of them arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company and the Rights Agent hereby waive any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of
this paragraph will not apply to suits brought to enforce any liability or duty created by the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), any other claim for which the federal district courts
of the United States of America are the sole and exclusive forum, or any complaint asserting a cause of action arising under the Act against
us or any of our directors, officers, other employees or agents. Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.

 

Any person or entity purchasing
or otherwise acquiring any interest in the Rights shall be deemed to have notice of and to have consented to the forum provisions in this
Section 7.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court
other than a court located within the State of New York or the United States District Court for the Southern District of New York (a "foreign
action") in the name of any Rights holder, such Rights holder shall be deemed to have consented to: (x) the personal jurisdiction
of the state and federal courts located within the State of New York or the United States District Court for the Southern District of
New York in connection with any action brought in any such court to enforce the forum provisions (an "enforcement action"),
and (y) having service of process made upon such Rights holder in any such enforcement action by service upon such Rights holder's counsel
in the foreign action as agent for such Rights holder.

 

7.4              Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties
hereto and the Registered Holders of the Rights and any right, remedy, or claim under or by reason of this Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and
of the Registered Holders of the Rights.

 

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7.5             
Examination of the Right Agreement. A copy of this Agreement
shall be available at all reasonable times at the office of the Rights Agent in the Borough of Manhattan, City and State of New York,
for inspection by the Registered Holder of any Right. The Rights Agent may require any such holder to submit his, her or its Right for
inspection by it.

 

7.6             
Counterparts. This Agreement may be executed in any number
of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument.

 

7.7             
Effect of Headings. The Section headings herein are for
convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

7.8             
Amendments. This Agreement may be amended by the parties
hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing
any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under
this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the
Registered Holders. All other modifications or amendments shall require approval by written consent or vote of the Registered Holders
of a majority of the then outstanding Rights.

 

7.9             
Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto
intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision
as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	AXIOS SUSTAINABLE GROWTH ACQUISITION
    CORPORATION
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
    as Rights Agent
	 	 
	 	By:	 
	 	 	Name:	Douglas Reed
	 	 	Title:	Vice President of Account Administration

 

[Signature Page to Rights Agreement]Exhibit 10.1

 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: Up to U.S.$350,000	Dated
as of December 12, 2021

 

FOR VALUE RECEIVED and subject to the terms and conditions
set forth herein, AXIOS Sustainable Growth Acquisition Corporation, a Cayman Islands exempted company (“Maker”), promises
to pay to AXIOS Sponsor LP, a Delaware limited partnership (“Payee”), or order, the principal sum of Three Hundred
Fifty Thousand U.S. Dollars (U.S.$350,000) or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid
under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by
Maker to such account as Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.              Principal.
The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) July 31, 2022, and
(ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the
 “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). The principal balance
may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances shall any individual, including but not
limited to any officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker
hereunder.

 

2.              Drawdown
Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Fifty Thousand U.S. Dollars (U.S.$350,000)
in drawdowns under this Note to be used for costs and expenses related to Maker’s proposed initial public offering of its securities
(the “IPO”), including its formation. The principal of this Note may be drawn down from time to time prior to the Maturity
Date upon request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to
be drawn down, and must not be an amount less than Ten Thousand U.S. Dollars (U.S.$10,000) unless agreed upon by Maker and Payee. Payee
shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Three Hundred Fifty Thousand U.S. Dollars
(U.S.$350,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by
Maker.

 

3.              Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

4.              Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

    

     

    

 

5.              Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)            Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the Maturity Date.

 

(b)            Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment
for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.

 

(c)            Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in
an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up
or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive
days.

 

6.              Remedies.

 

(a)            Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)            Upon
the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

7.              Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

8.              Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to Maker or affecting Maker’s liability hereunder.

 

    2

     

    

 

9.              Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the
address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so
transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

  

10.            Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

11.            Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.            Trust
Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives, upon and following the consummation of the IPO, any
and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account
to be established in which proceeds of the IPO (including the deferred underwriting discounts and commissions) and proceeds of the sale
of the warrants issued in a private placement to occur in connection with the IPO are to be deposited, as described in greater detail
in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.            Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of Maker and Payee.

 

14.            Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall
be void.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, Maker, intending to be
legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

  

	 	AXIOS Sustainable Growth Acquisition Corporation
	 	 
	 	 
	 	By:	 /s/ Benedikt Fortig
		 	Name:	Benedikt Förtig
		 	Title:	Director

 

	Agreed and acknowledged:	 
	 	 	 
	AXIOS SPONSOR LP	 
	 	 
	 	 	 
	By:	/s/ Benedikt Fortig	 
	 	Name:	Benedikt Förtig	 
	 	Title:	Authorized Signatory	 

 

[Signature Page to Promissory
Note]

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