Document:

Exhibit 4.5

 

WARRANT AGREEMENT

 

This
WARRANT AGREEMENT (this “Agreement”) is made as of [●], 2021 between Aquarius I Acquisition Corp., a Cayman
Islands exempted company with limited liability, with its principal executive office at Unit A-C, 33/F, Tower A, Billion Centre, 1 Wang
Kwong Road, Kowloon Bay, Hong Kong (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York
limited purpose trust company, with offices at 6201 15th Avenue, Brooklyn, NY 11219, as warrant agent (the “Warrant Agent”).

 

WHEREAS,
the Company is engaged in a public offering (the “Public Offering”) of up to 5,750,000 units (including 750,000 units
which may be issued pursuant to an over-allotment option granted to the underwriters of the Public Offering), each unit (the “Public
Units”) comprised of one ordinary share of the Company, par value $0.0001 each (“Ordinary Share”), one right
to receive one-tenth (1/10) of one Ordinary Share (the “Right”), and one warrant, where each warrant entitles the holder
to purchase one-half (1/2) of one Ordinary Share at a price of $11.50 per full share, subject to adjustment as described herein, and,
in connection therewith, will issue and deliver up to 2,875,000 warrants (the “Public Warrants”) to the public investors
in connection with the Public Offering; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on
Form S-1, No. 333-257706 (as amended, the “Registration Statement”) and prospectus (the
“Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Act”)
of, among other securities, the Public Warrants; and

 

WHEREAS,
the Company has received binding commitments (the “Subscription Agreements”) from the Company’s sponsor, Aquarius
Sponsor Ltd. (the “Sponsor”), to purchase, simultaneously with the closing of the Public Offering, up to an aggregate
of 310,000 units (the “Private Units”), each containing one Ordinary Share, one right to receive one-tenth (1/10) of
one Ordinary Share, and one redeemable warrant (the “Private Warrants”, including the warrants underlying the units
that may be issued upon conversion of working capital loans and any outstanding warrants issued upon exercise of the unit purchase option
issued to the Representative (as defined below) and together with the Public Warrants, the “Warrants”), each exercisable
to purchase one-half of one Ordinary Share at a price of $11.50 per full share, bearing the legend set forth in Exhibit B hereto;
and

 

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

 

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

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant 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 Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

     

     

    

 

2. Warrants.

 

2.1. Form
of Warrant. Each Warrant 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 of Directors
or Chief Executive Officer or Chief Financial Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a
facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased
to serve in the capacity in which such person signed the Warrant before such Warrant 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. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The
Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the
Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect
as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3. Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

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

 

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

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd Business Day (as defined below)
or earlier with the consent of Maxim Group LLC (the “Representative”), but in no event will the Representative allow
separate trading of the securities comprising the Units until (i) the Company has filed a Current Report on Form 8-K which
includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds
received by the Company from the exercise of the underwriters’ over-allotment option in the Public Offering, if the over-allotment
option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release and has filed
a Current Report on Form 8-K announcing when such separate trading shall begin (the “Detachment Date”). A “Business
Day” means a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal
business.

 

2.6. Private
Warrant Attributes. The Private Warrants will be identical to the Public Warrants subject to the adjustments provided in Section 5.6.    

 

3. Terms and Exercise of Warrants

 

3.1. Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered
holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares
stated therein, at the price of $11.50 per full share, subject to the adjustments provided in Section 4 hereof and in the last sentence
of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at which the Ordinary
Shares may be purchased at the time a Warrant is exercised. The Company will not issue fractional shares. As a result, such Registered
Holder must exercise Warrants in multiples of two at the Warrant Price (subject to adjustment) in order to validly exercise, his, her
or its Warrants. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below)
for a period of not less than twenty (20) Business Days; provided, that the Company shall provide at least twenty (20) days’
prior written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be applied
consistently to all of the Warrants.

 

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3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing 30 days after the consummation by the Company of a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities (“Business Combination”)     (as described more fully in the Registration
Statement) and 12 months from the date that the Registration Statement is declared effective by the SEC, and terminating at 5:00 p.m.,
New York City time on the earlier to occur of (i) the date that is five (5) years after the date on which the Company consummates
a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2 of this Agreement
and (iii) the liquidation of the Trust Account (defined below) (“Expiration Date”). The period of time from the
date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise
Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable,
each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may
extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty
(20) days’ prior written notice of any such extension to registered holders and, provided further that any such extension shall
be applied consistently to all of the Warrants.

 

3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent,
in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by
paying in full the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in
connection with the exercise of the Warrant, as follows:

 

(a)
in lawful money of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer;

 

(b)
in the event of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all holders
of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary Shares
equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by
the excess of the “Fair Market Value” (defined below) over the Warrant Price by (y) the Fair Market Value. Solely for
purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported closing price of the Ordinary
Shares for the ten (10) trading days ending on the third trading day prior to the date of exercise on which the notice of redemption
is sent to holders of the Warrants pursuant to Section 6 hereof; or

  

(c)
in the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days
   after the closing of a Business Combination, by surrendering such Warrants for that number of Ordinary Shares equal
to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the
excess of the “Fair Market Value” over the Warrant Price by (y) the Fair Market Value; provided, however, that no cashless
exercise shall be permitted unless the Fair Market Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(c),
the “Fair Market Value” shall mean the average reported last sale price of the Ordinary Shares for the ten (10) trading
days ending on the third trading day prior to the date of exercise.

 

3.3.2. Issuance
of Ordinary Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry position,
for the number of 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 if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry position, for the number
of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required
to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to issue Ordinary
Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed
to be exempt under the securities laws of the state of residence of the registered holder of the Warrants. In the event that the condition
in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to
exercise such Warrant for cash and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing
such Warrants shall have paid the full purchase price for the Unit solely for the Ordinary Shares and the rights underlying such Unit  .
Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would
be unlawful.

 

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3.3.3. Valid
Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued,
fully paid and non-assessable.

 

3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for Ordinary Shares is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing such
Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that,
if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant Agent
are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date
on which the share transfer books or book entry system are open.

  

3.3.5 Maximum
Percentage  . A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes
such election. If the election is made by a holder, the Warrant Agent shall not cause the exercise of the holder’s Warrant, and
such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together
with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing
sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary
Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude
Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned
by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as
set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining
the number of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or
other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice
by the Company or the Warrant Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder
the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving
effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such
number of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase
or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that
any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1. Share
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
Ordinary Shares is increased by a share dividend payable in Ordinary Shares, or by a split up of Ordinary Shares, or other similar event,
then, on the effective date of such share dividend, split up or similar event, the number of Ordinary Shares issuable on exercise of each
Warrant shall be increased in proportion to such increase in outstanding Ordinary Shares.

 

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4.2. Aggregation
of Shares. If after the date hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse
share split or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination,
reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding Ordinary Shares.

  

4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired, shall
pay a dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary
Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in
subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary
Shares in connection with a proposed initial Business Combination, (d) as a result of the repurchase of Ordinary Shares by the Company
in connection with an initial Business Combination or as otherwise permitted by the Investment Management Trust Agreement between the
Company and the Warrant Agent dated of even date herewith, (e) or as a result of the issuance of Ordinary Shares as a result of conversion
of the Rights issued in the Public Offering, or (f) in connection with the Company’s liquidation and the distribution of its assets
upon its failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend,
by the amount of cash and the fair market value (as determined by the Company’s board of directors, in good faith) of any securities
or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts
of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration
of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section
4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary
Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

4.4
Adjustments in Exercise Price.

 

4.4.1
Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2
above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price, immediately prior to such adjustment,
by a fraction, (a) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (b) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter,
provided that no adjustment shall be made to the Warrant Price if this would result in the Warrant Price falling below the par value of
the Ordinary Shares. In such cases, the Warrant Price would be equal to the par value of the Ordinary Shares.

 

4.4.2
If (i) the Company issues additional Ordinary Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares
for capital raising purposes in connection with the closing of the initial business combination at an issue price or effective issue price
of less than $9.20 per share of Ordinary Share, with such issue price or effective issue price to be determined in good faith by the Board,
(ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for funding the initial business combination, and (iii) the volume weighted average trading price of the Ordinary Shares during the 20
trading day period starting on the trading day prior to the day on which the Company consummates the initial business combination (the
“Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to
115% of the Market Value, and the $18.00 per share redemption triggers the Company’s right to redeem the Warrants pursuant to Section
6.1 below shall be adjusted (to the nearest cent) to be equal to 180% of the Market Price.

 

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4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares (other
than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Ordinary Shares), or in the case
of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company
is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares),
or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares
of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised
his, her or its Warrant(s) immediately prior to such event. If any reclassification also results in a change in the Ordinary Shares covered
by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5.
The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant. Notwithstanding anything to the contrary herein, in the event of any tender offer for Ordinary Shares, the offeror shall
not make any tender offer for Warrants if the effect of such offer would be to require the Warrants to be accounted for as liabilities
under applicable accounting principles. 

 

4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Ordinary Shares
or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial shareholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Ordinary Shares
or equity-linked securities, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180%
of the higher of the Fair Market Value and the price at which the Company issues Ordinary Shares or equity-linked securities. Solely for
purposes of this Section 4.6, the “Fair Market Value” shall mean the volume weighted average reported trading price
of the Ordinary Shares for the twenty (20) trading days starting on the trading day prior to the date of the consummation of the Business
Combination.

 

4.7
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth
in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified
in Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at
the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to
give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.8. No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
up to the nearest whole number of Ordinary Shares to be issued to the Warrant holder.

 

4.9. Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

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4.10 Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. provided, however, that under
no circumstances shall the Warrants be adjusted pursuant to this Section 4.10 as a result of any issuance of securities in connection
with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended
in such opinion.

 

5. Transfer and
Exchange of Warrants.

 

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

 

5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a warrant certificate or book-entry position for a fraction of a Warrant.

 

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

 

5.5. Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required
by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private
Warrants. The Warrant Agent shall not register any transfer of Private Warrants until 30 days after   the consummation by
the Company of an initial Business Combination, except for transfers (i) among the initial shareholders or to the initial shareholders’
or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s shareholders or members upon
the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s
immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each case
for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified
domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination,
(vii) in connection with the consummation of a Business Combination by private sales at prices no greater than the price at which
the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation
of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination,
the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property, in each case (except for clauses (vi), (viii)
or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer, the Warrant
Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted Transferee”)
or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this section and any
other applicable agreement the transferor is bound by.

 

    7

     

    

 

5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrants are included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Units.
Furthermore, each transfer of a Unit on the register relating to such Unit shall operate also to transfer the Warrants included in such
Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after
the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at
the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01     per Warrant
(“Redemption Price”), provided that the closing price of the Ordinary Shares equals or exceeds $18.00 per share (subject
to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading
day period commencing after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption
is given and provided that there is an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants,
and a current prospectus relating thereto, available throughout the 30-day redemption or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the
Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares upon
exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable
to effect such registration or qualification.

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants, the Company shall fix a
date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to
be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall
be conclusively presumed to have been duly given whether or not the registered holder received such notice.

    

6.3. Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless
basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number
of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined
in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further
rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

7. Other Provisions
Relating to Rights of Holders of Warrants.

 

7.1. No
Rights as Shareholder. A Warrant 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.

 

7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant 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 Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or
destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3. 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 exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

    8

     

    

 

7.4. Registration
of Ordinary Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, it shall
use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration, under the Act,
of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to
register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where holders
of Warrants then reside, the Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption is not available. The
Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement,
and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. If
any such registration statement has not been declared effective by the 90th day following the closing of the Business Combination, holders
of the Warrants shall have the right, during the period beginning on the 91st day after the closing of the Business Combination and ending
upon such registration statement being declared effective by the Securities and Exchange Commission, and during any other period when
the Company shall fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the
Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(c). The Company
shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be
registered under the Act and (ii) the Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities
laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be
required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised or have
expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this
Section 7.4. The provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written consent of the Representative. 

 

8. Concerning
the Warrant Agent and Other Matters.

 

8.1. 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 Warrant
Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such Ordinary Shares.

 

8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant 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 Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant 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 Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant 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 Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

    9

     

    

 

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

 

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

 

8.3. Fees
and Expenses of Warrant Agent.

 

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

 

8.3.2. 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 Warrant Agent for the carrying
out or performing of the provisions of this Agreement. 

 

8.4. Liability
of Warrant Agent.

 

8.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant 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 Chairman of the Board of Directors of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

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

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (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 Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; 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, the Amended and Restated Memorandum and Articles of Association
of the Company, or any Warrant or as to whether any Ordinary Shares will, when issued, be valid and fully paid and non-assessable.

 

8.5. Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise
of Warrants.

 

9. Miscellaneous
Provisions.

 

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

 

    10

     

    

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage
prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Aquarius I Acquisition Corp.

Unit A-C, 33/F, Tower A, Billion Centre

1 Wang Kwong Road

Kowloon Bay, Hong Kong SAR

Attn: Sze Hau Lee, Chief Executive Officer

E-mail: alex.lee@liongrouphl.com

 

Any notice, statement
or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given (i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) 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 Warrant Agent with the Company), as follows:

 

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Legal Department

Email: legalteamAST@astfinancial.com

 

with a copy in each case to:

 

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong SAR

Attn: Lawrence Venick, Esq.

E-mail: lvenick@loeb.com

 

and

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Barry I. Grossman, Esq.

Email: bigrossman@egsllp.com

 

and

Maxim Group LLC

405 Lexington Ave.

New York, New York 10174

Attn: Clifford A. Teller

Email: cteller@maximgrp.com

 

and

Ogier

11th Floor Central Tower

28 Queen's Road Central

Central, Hong Kong SAR

Attn: Nathan Powell

 

    11

     

    

 

9.3. Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it 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 hereby waives 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 Exchange Act or any other claim for which the federal district courts of the United States of America
are the sole and exclusive forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2
hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4. 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 Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representative, any right, remedy, or
claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representative with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

  

9.5. Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require
any such holder to submit his Warrant for inspection by it.

 

9.6. 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.

  

9.7. 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.

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus,
or 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, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of a majority of
the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. The provisions of this Section 9.8
may not be modified, amended or deleted without the prior written consent of the Representative.

 

9.9 Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

9.10 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]

 

    12

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

  

	 	AQUARIUS I ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: Sze Hau Lee
	 	 	Title: Chief Executive Officer
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By:	                            
	 	 	Name: Michael A. Nespoli
	 	 	Title: Executive Director

 

[Signature Page to Warrant Agreement]

 

    13

     

    

 

EXHIBIT A

 

WARRANT CERTIFICATE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    14

     

    

 

EXHIBIT B

 

LEGEND FOR PRIVATE WARRANTS

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT
BY AND AMONG AQUARIUS I ACQUISITION CORP. (THE “COMPANY”), MAXIM GROUP LLC AND THE OTHER PARTIES THERETO, THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON
WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT
TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO
SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND ORDINARY
SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT
TO BE EXECUTED BY THE COMPANY.

  

 

15Exhibit
4.6

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of [*], 2021 between Aquarius I Acquisition Corp., a Cayman Islands company,
with its principal executive office at Unit A-C, 33/F, Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Hong Kong (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, with offices at 6201 15th Avenue, Brooklyn,
NY 11219 (the “Right Agent”).

 

WHEREAS,
the Company has received a firm commitment from Maxim Group LLC (“Maxim”), as representative of the several underwriters,
to purchase up to an aggregate of 5,000,000 units, each unit (“Unit”) comprised of one ordinary share of the Company, par
value $0.0001 each (the “Ordinary Shares”), one warrant entitling the holder thereof to purchase one-half (1/2) of one Ordinary
Share, and one right to receive one-tenth of one Ordinary Share (a “Public Right”) upon the happening of the triggering event
described herein, and in connection therewith, will issue and deliver up to an aggregate of 5,750,000 Public Rights upon consummation
of such public offering, 750,000 of which are attributable to the over-allotment option (“Public Offering”);

 

WHEREAS,
simultaneously with the consummation of the Public Offering, the Company will issue and deliver an aggregate of 310,000 rights underlying
private units (the “Private Rights”);

 

WHEREAS,
in connection with the Public Offering, the Company will issue and deliver up to 287,500 rights (underlying unit purchase options) to
Maxim or its designees (“Maxim Rights”);

 

WHEREAS,
the Company may issue up to an additional 100,000 Rights, which will be identical to the Private Rights, in consideration of certain working
capital loans that may be made by Aquarius Sponsor Ltd., the Company’s sponsor, or the Company’s officers, directors or affiliates
(together with the Public Rights, the Private Rights, the Maxim Rights, and along with such other rights as the Company issues from time
to time hereunder, the “Rights”);

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-257706 (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Rights and the Ordinary Shares issuable to the holders of the Public Rights; 

 

WHEREAS,
the Company desires the Right Agent to act on behalf of the Company, and the Right 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 Right 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 Right 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 Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company for the Rights, and the Right 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 or Chief Executive
    Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. 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 Right 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 Right Agent shall maintain books (“Right Register”) for the registration of original issuance and the registration
    of transfer of the Rights. Upon the initial issuance of the Rights, the Right 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 Right Agent
    by the Company.

 

	 	2.3.2.	Registered Holder.
    Prior to due presentment for registration of transfer of any Right, the Company and the Right Agent may deem and treat the person
    in whose name such Right shall be registered upon the Right Register (“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 Right Certificate
    made by anyone other than the Company or the Right Agent), for the purpose of the exchange thereof, and for all other purposes, and
    neither the Company nor the Right Agent shall be affected by any notice to the contrary.

 

	 	2.4.	Detachability of Rights.
    The securities comprising the Units, including the Rights, will not be separately transferable until the fifty-second (52nd) Business
    Day (as defined below) after the date hereof unless Maxim informs the Company of its decision to allow earlier separate trading,
    but in no event will separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on
    Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering
    including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised
    on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such separate
    trading shall begin. For purposes of this Agreement, Business Day shall means a day, other than a Saturday, Sunday or federal holiday,
    on which banks in New York City are generally open for normal business.

 

	3.	Terms and Exchange of
    Rights.

 

	 	3.1.	Rights. Each Right
    shall entitle the holder thereof to receive one-tenth of one Ordinary Share upon the happening of the Exchange Event (described below).
    No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares upon the 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.
    The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s
    Amended and Restated Memorandum and Articles of Association).

 

    2

     

    

 

	 	3.3.	Exchange of Rights.

 

	 	3.3.1.	Issuance of Certificates.
    As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct holders of the Rights to return their
    Rights Certificates to the Right Agent. If the Company is not the surviving entity in a Business Combination, the holder of Rights
    must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate, the Company shall issue to the registered
    holder of such Right(s) a certificate or certificates for 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. 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. At the time of the Exchange Event, the Company will instruct the Right Agent to
    round down to the nearest whole Ordinary Share or otherwise inform it how fractional shares will be addressed in accordance with
    Cayman Islands law. 

 

	 	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 non-assessable.

 

	 	3.3.3.	Date of Issuance.
    Each person in whose name any such certificate 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.

 

	 	3.3.4.	Company Not Surviving
    Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting entity, the
    definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders of the Ordinary
    Shares will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section 3.1 above.

 

	 	3.4.	Duration of Rights.
    If the Exchange Event does not occur within 12 months from the date that the registration statement is declared effective (or up
    to 21 months from the date that the registration statement is declared effective if the Company extends the period of time to consummate
    a Business Combination, as described in the Registration Statement), and such Business Combination has not yet been consummated within
    the applicable time period, the Rights shall expire and shall be worthless; provided that, for as long as any of the Maxim Rights
    are held by Maxim, or its designees or affiliates, such Rights may not be converted after five years, from the effective date of
    the Registration Statement.

 

	4.	Transfer and Exchange
    of Rights.

 

	 	4.1.	Registration of Transfer.
    The Right 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 Right Agent. The Rights so cancelled shall be delivered by the Right Agent to the Company from time to
    time upon request.

 

	 	4.2.	Procedure for Surrender
    of Rights. Rights may be surrendered to the Right Agent, together with a written request for exchange or transfer, and thereupon
    the Right 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, the Right Agent shall not cancel such Right and issue new Rights in exchange therefor until the Right Agent
    has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Rights must
    also bear a restrictive legend.

 

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

 

    3

     

    

 

	 	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 Right 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 Right Agent,
    will supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

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

 

	 	5.1.	No Rights as Shareholder.
    Until 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 Right 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 Right
    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 Right 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 shares.

 

	 	6.2.	Resignation, Consolidation,
    or Merger of Right Agent.

 

	 	6.2.1.	Appointment of Successor
    Right Agent. The Right 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 Right
    Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Right Agent
    in place of the Right 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 Right 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 Right Agent at the Company’s cost. Any successor Right
    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 Right Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
    of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder, without any further act or deed;
    but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver, at the expense
    of the Company, an instrument transferring to such successor Right Agent all the authority, powers, and rights of such predecessor
    Right Agent hereunder; and upon request of any successor Right 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 Right Agent all such authority,
    powers, rights, immunities, duties, and obligations.

 

    4

     

    

 

	 	6.2.2.	Notice of Successor
    Right Agent. In the event a successor Right Agent shall be appointed, the Company shall give notice thereof to the predecessor
    Right 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 Right Agent. Any corporation into which the Right Agent may be merged or with which it may be consolidated or any corporation
    resulting from any merger or consolidation to which the Right Agent shall be a party shall be the successor Right Agent under this
    Agreement without any further act.

 

	 	6.3.	Fees and Expenses of
    Right Agent.

 

	 	6.3.1.	Remuneration. The
    Company agrees to pay the Right Agent reasonable remuneration for its services as such Right Agent hereunder and will reimburse the
    Right Agent upon demand for all expenditures that the Right 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 Right Agent for the carrying out
    or performing of the provisions of this Agreement.

 

	 	6.4.	Liability of Right Agent.

 

	 	6.4.1.	Reliance on Company
    Statement. Whenever in the performance of its duties under this Agreement, the Right 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 Right Agent. The Right 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 Right
    Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6, the Company
    agrees to indemnify the Right Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
    counsel fees, for anything done or omitted by the Right Agent in the execution of this Agreement except as a result of the Right
    Agent’s gross negligence, willful misconduct, or bad faith.

 

	 	6.4.3.	Exclusions. The
    Right 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 non-assessable.

 

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

 

    5

     

    

 

	 	6.6.	Waiver. The Right
    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 Right 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 Right 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 Right 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 Right Agent), as follows:

 

Aquarius
I Acquisition Corp.

Unit
A-C, 33/F, Tower A, Billion Centre

1
Wang Kwong Road

Kowloon
Bay, Hong Kong

Attn:
Sze Hau Lee

 

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
Right 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 Right
Agent with the Company), as follows:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Legal Department

 

and

 

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong SAR

Attn:
Lawrence Venick, Esq.

 

and

 

Maxim
Group LLC

405
Lexington Ave.

New
York, New York 10174

Attn:
Alex Jin

 

and

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn: Barry I. Grossman

 

    6

     

    

 

	 	7.3.	Applicable Law.
    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 conflicts of law principles that would result in the application of the substantive
    laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it 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. The Company
    hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
    or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
    requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal
    service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

	 	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, for the purposes of Sections 3.1, 3.2, 7.4 and 7.8 hereof, Maxim, any right, remedy, or claim under or
    by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Maxim shall be deemed to be
    a third-party beneficiary of this Agreement with respect to Sections 3.1, 3.2, 7.4 and 7.8 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 Maxim
    with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights.

 

	 	7.5.	Examination of this
    Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Right Agent in the Borough
    of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Right 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 the written
    consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of Maxim.

 

	 	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]

 

    7

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	AQUARIUS I
    ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 Sze Hau Lee
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	 	 
	 	AMERICAN STOCK
    TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By:	 
	 	 	Name: 	Michael A. Nespoli
	 	 	Title: 	Executive Director

 

 

[Signature
Page to Rights Agreement]

 

    8

     

    

 

EXHIBIT
A

 

Form
of Right 

 

    A-1

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