Document:

Exhibit 10.10

 

 

 

3 Columbus Circle, 24th Floor

New York, New York 10019

 

CONFIDENTIAL

 

May 29, 2021

 

Stephen P. Herbert

CEO

Armada Acquisition Corp. I

2005 Market Street Suite 3120

Philadelphia, PA 19103

 

		Re:	Engagement of Services

 

Dear Mr. Herbert:

 

This will confirm the basis upon which Armada Acquisition Corp. I (“Client”)
has engaged Cohen & Company Capital Markets, a division of J.V.B.. Financial Group, LLC (“CCM”) to provide
consulting and advisory services (the “Engagement”) in connection with Client’s special purpose acquisition
company (“SPAC”) initial public offering (“IPO”) of its securities (the “Transaction”).
Such services include:

		·	Evaluating the feasibility of Client pursuing a potential SPAC IPO transaction, including evaluation of current SPAC market conditions,
advising on Client’s Sponsor promote structure and terms, and counseling Client as to strategy and tactics for a potential Transaction;

		·	Strategic advice and guidance with respect to fee and economics recommendations;

		·	Advice with respect to broad categories of prospective investors that may be interested in the Transaction (although CCM will not
identify specific prospective investors and will not have direct or indirect contact with, or otherwise be involved in soliciting, prospective
investors as part of the Transaction);

		·	Marketing message development, including, advice and support on positioning as well as “testing the waters” activities;

		·	Review of Transaction-related material prepared by Client and/or the underwriters;

		·	Book-building analysis;

		·	Deal size analysis; and

		·	Review of share allocations.

 

The parties acknowledge that CCM is being retained solely to provide
the services set forth herein, and that CCM is not being retained to act as an underwriter or member of any selling syndicate in connection
with the Transaction. Client agrees that CCM shall serve as an “independent financial adviser” as defined in FINRA Rule 5110(j)(9)
(a) provide the services set forth herein independently of the underwriter(s); (b) have no liability to Client, its affiliates or
its securities holders for any actions or omissions of the underwriter(s); and (c) have no responsibility or liability to the underwriter(s)
in connection with the services set forth herein. Further, CCM is providing the services set forth herein solely in an advisory capacity,
and Client retains full discretion as to whether or not to follow such advice. For the avoidance of doubt, the CCM will not participate
in the Transaction as defined in FINRA Rule 5110(j)(16), the execution of the Transaction (including, but not limited to, structuring
of the IPO, solicitation of prospective investors, and negotiation of the terms of the IPO) will be the responsibility of the underwriter(s).
CCM will not advise on the proposed price range for the offered securities or the key SPAC terms or structure for which securities are
offered in the Transaction.

    

    

    

 

1.              
Fee. Client shall pay CCM a transaction fee in an amount equal to 1.0% of the aggregate proceeds of the offering (including
overallotment option if exercised), after deducting the reasonable out-of-pocket expenses incurred by the underwriters (the “Advisor
Fee”), in connection with Transaction. The Advisor Fee shall be payable by Client and due to CCM upon the closing of the
IPO; provided, however, that any portion of the Advisor Fee that is attributable to the exercise of the underwriters’ overallotment
option shall be payable by Client and due to CCM upon the closing of the initial business combination of the SPAC following the IPO. If
the IPO does not occur during the Term, then no Advisor Fee shall be payable to CCM.

The fees described in this paragraph 1 are compensation for the
Engagement, which consists of work directly related to the Transaction. Any work outside of the scope of the Engagement shall be subject
to additional compensation as separately agreed by the parties hereto.

Client shall also retain CCM as an advisor in connection with its
initial business combination pursuant to a separate agreement to be entered into by Client and CCM at the time of the closing of the IPO
and which business combination advisory services will be outside of the scope of the Engagement. The separate agreement will provide,
among other things, that CCM will receive an advisory fee in an amount equal to 2.25% of the aggregate proceeds of the IPO offering (including
the underwriters’ overallotment option if exercised) upon the closing of the initial business combination.

2.              
Term of Engagement. This letter agreement shall remain in force for a period of six (6) months from the date hereof (the
“Term”).  The Term may be extended upon written mutual agreement of the parties hereto.  The Term
may be terminated by either CCM or Client at any time prior to its expiration with thirty (30) days’ advance written notice to the
other.  Expiration or termination of this letter agreement shall not affect CCM’s right to indemnification or contribution
or payment of the Advisor Fee in accordance with the terms of this letter agreement if the closing of the IPO occurs within six (6) months
following the expiration of the Term or the earlier termination of this letter agreement. Without limiting the foregoing, notwithstanding
the expiration or termination of this letter agreement, the provisions of this letter agreement shall survive and remain operative in
accordance with their respective terms. 

3.              
Scope of Liability. Neither CCM nor any of its control persons, members, managers, officers, employees, or agents shall
be liable to Client or to any other person claiming through Client for any error of judgment or for any claim, loss or expense suffered
by Client or any such other person in connection with the matters to which the Engagement relates except to the extent a claim, loss
or expense arises out of or is based upon any action or failure to act by CCM or any of its control persons, members, managers, officers,
employees, or agents that is found in a final judicial determination (or a settlement tantamount thereto) to constitute bad faith, willful
misconduct or gross negligence on the part of CCM or any such other person.

    

    

    

4.              
Indemnity and Contribution. Subject to Section 8 below and recognizing that transactions of the type contemplated by the
Engagement sometimes result in litigation and that CCM’s role is limited to acting in the capacities described herein, Client agrees
to indemnify CCM and its control persons, members, managers, officers, employees, and agents (each, including CCM, an “Indemnified
Person”) to the full extent lawful against any and all claims, losses and expenses as incurred (including all reasonable
fees and disbursements of each such Indemnified Person’s counsel and all reasonable travel and other out-of-pocket expenses incurred
by each such Indemnified Person in connection with investigation of and preparation for any such pending or threatened claims and any
litigation or other proceedings arising therefrom) arising out of any actual or proposed Transaction or the Engagement; provided;
however, there shall be excluded from such indemnification any such claim, loss or expense to the extent that such claim, loss
or expense arises out of, or is related to, any action or failure to act by any Indemnified Person that is found in a final judicial determination
(or a settlement tantamount thereto) to constitute bad faith, willful misconduct or gross negligence on the part of any Indemnified Person.

CCM shall notify Client in writing if any action, suit or investigation
(an “Action”) is commenced against CCM within five (5) days after CCM or any other Indemnified Person shall
have been served with a summons or other first legal process, but failure so to notify Client shall not relieve Client from any liability
that it may have hereunder, except to the extent that such failure so to notify Client materially prejudices Client’s rights. Client
may assume, at its own expense, the defense of any Action exercisable upon written notice to CCM and any such Indemnified Person(s), if
applicable, within 15 days of notice by CCM or such Indemnified Person provided pursuant to the preceding sentence, and such defense shall
be conducted by counsel chosen by Client and reasonably satisfactory to CCM and such Indemnified Person(s), if applicable. The Indemnified
Person shall have the right to participate in the defense of any Action with counsel selected by it subject to the Client’s right
to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Person, provided,
that if in the reasonable opinion of counsel to the Indemnified Person, there exists a conflict of interest between the Client and
the Indemnified Person that cannot be waived, the Client shall be liable for the reasonable fees and expenses of counsel to the Indemnified
Person in each jurisdiction for which the Indemnified Person determines counsel is required. If the Client elects not to compromise or
defend such Action, fails to promptly notify the Indemnified Person in writing of its election to defend as provided in this letter agreement,
or fails to diligently prosecute the defense of such Action (and such failure to diligently prosecute is judicially determined), the Indemnified
Person may, subject to the next paragraph, pay, compromise, defend such Action and seek indemnification for any and all damages, expenses,
liabilities and losses based upon, arising from or relating to such Action. The parties hereto shall cooperate with each other in all
reasonable respects in connection with the defense of any Action.

Notwithstanding any other provision of this letter agreement, the
Client shall not enter into settlement of any Action without the prior written consent of the Indemnified Person, which consent will
not be unreasonably withheld or delayed, except as provided in this paragraph. If a firm offer is made to settle an Action without permitting
or leading to further claims, losses, liability or expense or the creation of a financial or other obligation on the part of the Indemnified
Person and provides, in customary form, for the unconditional release of each Indemnified Person from all liabilities and obligations
in connection with such Action, and the Client desires to accept and agree to such offer, the Client shall give written notice to that
effect to the Indemnified Person. If the Indemnified Person fails to consent to such firm offer within ten (10) days after its receipt
of such notice, the Indemnified Person may continue to contest or defend such Action and in such event, the maximum liability of the
Client as to such Action shall not exceed the amount of such settlement offer plus the Indemnified Person’s costs and expenses
(including reasonable fees and disbursements of counsel and other out-of-pocket expenses) through the end of such ten (10) day period.
If the Indemnified Person fails to consent to such firm offer and also fails to assume defense of such Action, the Client may settle
the Action upon the terms set forth in such firm offer to settle such Action. If the Indemnified Person has assumed the defense pursuant
to the previous paragraph, it shall not agree to any settlement without the written consent of the Client (which consent shall not be
unreasonably withheld or delayed).

    

    

    

In the event that the foregoing indemnity is unavailable or insufficient
to hold such Indemnified Person(s) harmless, then subject to Section 8 below, Client shall contribute to amounts paid or payable by such
Indemnified Person(s) in respect of such claims, losses and expenses in such proportion as appropriately reflects the relative benefits
received by, and fault of, Client and such Indemnified Person(s) in connection with the matters as to which such claims, losses and expenses
relate and other equitable considerations.

5.              
Information Provided to CCM In performing the services described above, Client agrees to furnish or cause to be furnished
to CCM such information as CCM reasonably believes appropriate to permit CCM to provide the services contemplated by this letter agreement
to or for Client (all such information so furnished being the “Information”). Client represents and covenants
that all Information furnished by Client or its agents will be complete and correct in all material respects, to the best of Client’s
knowledge, and that Client will advise CCM immediately of the occurrence of any event or any other change known by Client or its agents
which results in the Information ceasing to be complete and correct in all material respects. Client also represents and warrants that
any projections or forecasts that it provides to CCM will be prepared in good faith and will be based upon assumptions which the management
of Client believes in light of the circumstances in which they are made, are reasonable. Client recognizes and confirms that CCM (a) will
use and rely primarily on the Information and on information available from generally recognized public sources in performing the services
contemplated hereby without having independently verified any of the same, (b) does not assume responsibility for the accuracy or completeness
of the Information and such other information, and (c) will not make any appraisal of any of the assets or liabilities of Client.

6.              
Confidentiality. In the event of the consummation and public disclosure of any Transaction, CCM shall have the right
to disclose its advisory role in the Transaction by listing the client name and logo on its website and in its marketing materials.

No analysis, information or advice, whether communicated in written,
electronic, oral or other form, provided by CCM or its affiliates to Client or to its Client Representatives (as such term is defined
below) in connection with the Engagement (the “CCM Information”) shall be disclosed by Client or such Client
Representatives, in whole or in part, to any third party, or circulated or referred to publicly, or used for any purpose other than in
connection with the Engagement and the Transaction without the prior written consent of CCM. Neither party may disclose to any third
party the existence or terms of this letter agreement without the prior written consent of the other party. Notwithstanding anything
herein to the contrary, the fact of CCM’s Engagement may be disclosed by Client to its affiliates and its directors, officers,
accountants, legal advisors and employees (the “Client Representatives”) and to its underwriters to the extent
required for the exclusive purpose of the Engagement or as required by law, rule or regulation, including appropriate disclosure in the
registration statement and prospectus for the Transaction. Client may disclose CCM Information to its Client Representatives solely for
purposes directly related to the Engagement and the Transaction and shall cause each of its Client Representatives to whom the CCM Information
is disclosed to commit to keeping such CCM Information confidential as provided by this Section 6. Client shall be responsible for any
direct damages to CCM to the extent caused by breaches of this Section 6 by any of its Client Representatives.

    

    

    

CCM agrees to keep confidential all nonpublic information provided to it
by Client, including without limitation trade information, business practices, trade secrets, and other proprietary information (the “Client
Information”). Notwithstanding any provision herein to the contrary, CCM may disclose Client Information to its affiliates,
members, officers, accountants, agents, legal advisors and employees (the “CCM Representatives”) to the extent
required for the exclusive purpose of the Engagement. CCM shall cause each of its CCM Representatives to whom the Client Information is
disclosed to commit to keeping such Client Information confidential as provided by this Section 6. CCM shall be responsible for any direct
damages to Client to the extent caused by breaches of this Section 6 by any of its CCM Representatives.

 

Client Information and CCM Information shall be considered public and not
protected by this letter agreement if (a) it is or becomes generally available to the public other than as a result of a disclosure by
the receiving party or a representative of the receiving party in breach of the terms of this Section 6, (b) it becomes available to the
receiving party on a non-confidential basis from a source not known by the receiving party to be under a duty of confidentiality to the
disclosing party, or (c) if it is already known to the receiving party at the time of disclosure.

 

Nothing in this letter agreement shall obligate either party to refrain
from disclosure of CCM Information or Client Information (as the case may be, “Confidential Information”) hereunder
to the extent such disclosure is required by law, regulation or judicial process or at the request of a regulatory authority. In the event
that any Confidential Information is required to be disclosed by law, including without limitation, pursuant to the terms of a subpoena
or similar document or in connection with litigation or other legal proceedings, the receiving party of such information hereby agrees,
to the extent permitted by applicable law or regulation, to notify the disclosing party promptly of the existence, terms and circumstances
surrounding such request. To the extent permitted by applicable law or regulation, the receiving party shall allow the disclosing party,
in its sole discretion and at its sole expense, to contest the disclosure of Confidential Information on the disclosing party’s
behalf, and the receiving party will reasonably cooperate with the disclosing party in such efforts to contest such disclosure at disclosing
party’s expense.

 

Each party hereto acknowledges and agrees that irreparable damage would
occur to the other in the event any of the provisions of this Section 6 were not performed in accordance with their specific terms or
were otherwise breached and monetary damages would not be a sufficient remedy for any such non-performance or breach. Accordingly, each
party shall be entitled to specific performance of the terms of this Section 6, including, without limitation, an injunction or injunctions
to prevent breaches of the provisions of this Section 6 and to enforce specifically the terms and provisions hereof in any court of competent
jurisdiction in the State of New York and of the United States of America located in the Borough of Manhattan, New York City (and appellate
courts therefrom) in addition to any other remedy to which such party may be entitled at law or in equity.

    

    

    

The parties hereto agree that the provisions of this Section 6 will
survive the expiration or termination of this letter agreement for two (2) years after such expiration or termination.

 

7.              
Governing Law. This letter agreement shall be governed and construed in accordance with the laws of the State of New York,
without regard to conflicts-of-law principles that would result in the application of the laws of another jurisdiction. Each party hereby
irrevocably and unconditionally (a) consents to submit to the exclusive jurisdiction of the courts of the State of New York and of the
United States of America located in the Borough of Manhattan, New York City (and appellate courts therefrom) for any action, suit or proceeding
arising out of or relating to this this agreement (and each party hereby irrevocably and unconditionally agrees not to commence any such
action, suit, or proceeding except in such courts), (b) waives any objection to the laying of venue of any such action, suit or proceeding
in any such courts, and (c) waives and agrees not to plead or claim that any such action, suit or proceeding brought in any such court
has been brought in an inconvenient forum. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT. To the extent permitted by applicable law, Client hereby waives rights of setoff, and the
right to interpose counterclaims in any lawsuit with respect to, in connection with or arising out of this Engagement, or any other claim
or dispute relating to the engagement of CCM arising between the parties hereto. The provisions of this letter agreement shall be binding
solely upon and inure to the benefit of the Parties hereto and their respective successors and assigns.

8.              
Trust Account Waiver. CCM acknowledges it has read the Draft Registration Statement prospectus of the Client and understands
that the Client will establish the trust account referred to in the prospectus for the benefit of the public stockholders of the Client
and that, except for a portion of the interest earned on the amounts held in the trust account, the Client may disburse monies from the
trust account only (a) to the public stockholders in the event they elect to redeem shares of the Client’s common stock in connection
with the consummation of a business combination, (b) to the public stockholders if the Client fails to consummate a business combination
within the time period set forth in the Client’s organizational documents, as disclosed in the prospectus, or (c) to the Client
after or concurrently with the consummation of a business combination. CCM agrees that Client does not have any right, title, interest
or claim of any kind in or to any monies in the trust account (“Claim”) and waive any Claim CCM may have in the future
as a result of, or arising out of, any negotiations, contracts or agreements with the Client or the Client’s sponsor and will not
seek recourse against the trust account for any reason whatsoever.

9.              
Miscellaneous.

(a)            
Client acknowledges and agrees that the services to be provided pursuant to the Engagement will not include any accounting, tax
or legal advice.

(b)            
All notices or other communications to be given hereunder shall be in writing and shall be sent by delivery in person, by courier
service, by electronic mail transmission (including, for the avoidance of doubt, by electronic mail transmission containing an electronic
link to a communication or notification that is electronically accessible) or telecopy or by registered or certified mail (postage prepaid,
return receipt requested) addressed as follows or such other address as may be substituted by notice as herein provided:

    

    

    

If to Client:

Stephen P. Herbert

CEO

Armada Acquisition Corp. I

2005 Market Street Suite 3120

Philadelphia, PA 19103

 

If to CCM:

Cohen & Company Capital Markets

3 Columbus Circle, 24th Floor

New York, NY 10019

Attention: General Counsel

Electronic Mail: gc@cohenandcompany.com

 

Any notice given hereunder shall
be deemed to have been given upon the earliest of: (i) receipt, (ii) three (3) days after being deposited in the U.S. mail, postage
prepaid, registered or certified mail, return receipt requested and (iii) one (1) day after being sent by Federal Express or other recognized
overnight delivery service, return receipt requested. In the case of notices to and from the U.S. to any other country, such notices shall
be deemed to have been given upon the earlier of (A) receipt and (B) two (2) days after being sent by Federal Express or other recognized
courier service, return receipt requested. In the case of notices sent by electronic mail transmission or telecopy, such notices shall
be deemed to have been given when sent.

 

(c)            
The parties understand that CCM is being engaged hereunder as an independent contractor to provide the services described above
solely to Client, and that CCM is not acting as a fiduciary of Client, the security holders or creditors of Client or any other persons
in connection with the Engagement.

(d)            
Client understands and acknowledges that CCM and its affiliate Cohen & Company Inc. (collectively, the “CCM Group”),
engage in providing a wide variety of financial consulting services and other investment banking products and services to a wide range
of institutions and individuals. In the ordinary course of business, the CCM Group and certain of its employees, as well as investment
funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions,
in debt, equity, and other securities and financial instruments (including bank loans and other obligations) of, or investments in, a
party that may be involved in the matters contemplated by this letter agreement. With respect to any such securities, financial instruments
and/or investments, all rights in respect of such securities, financial instruments and investments, including any voting rights, will
be exercised by the holder of the rights, in its sole discretion. In addition, the CCM Group may currently, and may in the future, have
relationships with parties other than Client, including parties that may have interests with respect to Client, the Transaction or other
parties involved in the Transaction, from which conflicting interests or duties may arise. Although the CCM Group in the course of such
other activities and relationships may acquire information about Client, the Transaction or such other parties, the CCM Group shall have
no obligation to, and may not be contractually permitted to, disclose such information, or the fact that the CCM Group is in possession
of such information, to Client or to use such information on the Client’s behalf.

    

    

    

(e)            
If any term or provision of this letter agreement or the application thereof to any person or circumstances shall be held invalid
or unenforceable, the remaining terms and provisions hereof and the application of such term or provision to any person or circumstances
other than those to which it is held invalid or unenforceable shall not be affected thereby.

(f)             
It is understood and agreed among the parties that this letter agreement and the covenants made herein are made expressly and solely
for the benefit of the parties hereto, and that no other person, other than an Indemnified Person, shall be entitled or be deemed to be
entitled to any benefits or rights hereunder, nor be authorized or entitled to enforce any rights, claims or remedies hereunder or by
reason hereof.

(g)            
This letter agreement incorporates the entire agreement, and supersedes all prior agreements, arrangements or understandings (whether
oral or written), between the parties with respect to the subject matter hereof, and may not be amended or modified except in writing
signed by each party hereto.

(h)            
This letter agreement may be executed in one or more counterparts, each of which will be deemed to be an original and all of which
together will be deemed to be one and the same document.

If you are in agreement with the foregoing, please sign and return the
attached copy of this letter agreement, whereupon this letter agreement shall become effective as of the date hereof.

 

Very truly yours,

 

Cohen & Company Capital Markets

By: J.V.B. Financial Group, LLC

 

 

By: /s/ Lester Brafman

Name: Lester Brafman

Title: CEO

Acknowledged and Agreed on

this 29th day of May, 2021:

 

Armada Acquisition Corp. I

 

 

 

By: /s/ Stephen P. Herbert

Name: Stephen P. Herbert

Title: CEOExhibit 10.11

 

 

ARMADA ACQUISITION CORP. I

2005 Market Street, Suite 3120

Philadelphia, PA 19103

 

June 16, 2021 

Armada Sponsor LLC

2005 Market Street, Suite 3120

Philadelphia, PA 19103

 

RE: Securities Subscription Agreement 

 

 Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on June 16, 2021 by and between Armada Sponsor LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and Armada Acquisition Corp. I, a Delaware corporation (the “Company,” “we”
or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 700,000
shares of common stock, $0.0001 par value per share (the “Shares”), up to 112,500 of which are subject to forfeiture
by you if the underwriters of the initial public offering (“IPO”) of units (“Units”) of the Company,
do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s
agreements regarding such Shares are as follows:

 

1.            Purchase
of Securities.

 

1.1.  Purchase of
Shares. For the sum of $4,058 (the “Purchase Price”), which the Company acknowledges receiving in cash, the
Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture,
on the terms and subject to the conditions set forth in this Agreement.  Concurrently with
the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered
in the Subscriber’s name representing the shares (the “Original Certificate”), or effect such delivery in book-entry
form.

 

2.            Representations,
Warranties and Agreements.

 

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

 

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

 

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

 

2.1.3.          Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution
and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws
affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

    

    

    

 

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

 

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

 

2.1.6.          Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby
is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section 501(a)
of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.          Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for
the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did
not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502
under the Securities Act.

 

2.1.8.          Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within
the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries representing the Shares will
contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer
the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities
Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is
proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of
counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further
acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares
until one year following consummation of the initial business combination of the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

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

 

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

 

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

    

    

    

 

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

 

2.2.3.          Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued,
fully paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will have or
receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions
hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing, (b) transfer
restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4.          No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which:
(i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii)
question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions.

 

3.            Forfeiture
of Shares.

 

3.1.  Partial or
No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised
in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit any and all
rights to such number of Shares (up to an aggregate of 112,500 Shares and pro rata based upon the percentage of the Over-allotment Option
exercised) such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to the IPO, if any)
will own an aggregate number of Shares, not including Shares issuable upon exercise of any warrants or any Common Stock purchased by Subscriber
in the IPO or in the aftermarket or shares owed to the Underwriters equal to 20% of the issued and outstanding Shares immediately following
the IPO.

 

3.2.  Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action
as is appropriate to cancel such forfeited Shares.

 

3.3.  Share Certificates.
In the event an adjustment to the Original Certificates, if any, is required pursuant to this
Section 3, then the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable
upon its receipt of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The
New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities
held by the Subscriber shall be made in book-entry form.

 

4.            Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account
which will be established for the benefit of the Company’s public stockholders and into which substantially all of the proceeds
of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s
failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases Shares in the
IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any liquidating distributions by the Company.
However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account upon the successful
completion of an initial business combination.

 

5.            Restrictions
on Transfer.

 

5.1.  Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell,
transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration statement
on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred
shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration
is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities
and Exchange Commission thereunder and with all applicable state securities laws. 

    

    

    

 

5.2.   Lock-up.
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained in the
Insider Letter.

 

5.3.   Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4.  Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend
payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted or additional securities or other
property which are by reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares
thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution
of such securities or property shall be made to the number and/or class of Shares subject to this Section 5 and Section 3.

 

5.5.  Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements of
the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a registration
rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6.            Other
Agreements.

 

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

 

6.2.  Notices.
All notices, statements or other documents which are required or contemplated by this Agreement 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 and (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.

 

6.3.  Entire Agreement.
This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the form to be filed
as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and understanding
between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements
and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not
expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of
this Agreement. 

    

    

    

 

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

 

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

 

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

 

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

 

6.8.  Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by
the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict
of law principles thereof.

 

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

 

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

 

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

 

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

 

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

    

    

    

 

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

 

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

 

6.16.  Mutual Drafting.
This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.             Voting
and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates
and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally,
the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s stockholders in connection
with an initial business combination negotiated by the Company.

 

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

 

[Signature Page Follows]

 

 

 

    	 

    	 

    

 

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

 

 

	 	Very truly yours,
	 	 
	 	ARMADA ACQUISITION CORP. I
	 	 	 
	 	By:	/s/ Stephen P. Herbert 
	 	 	Name: Stephen P. Herbert
	 	 	Title:   Chief Executive Officer

 

	Accepted and agreed as of the date first written above.	 
	 	 
	ARMADA SPONSOR LLC	 
	 	 
	By:	
    /s/ Doug Lurio
	 
	 	
    Name: Doug Lurio

    Title:  Managing Member
	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Securities Subscription Agreement]

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