Document:

Exhibit 4.6

 

RIGHTS AGREEMENT

 

This Rights Agreement (this
“Agreement”) is made as of [ ], 2022 between Phoenix Acquisition Limited, a British Virgin Islands business company
(the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as rights agent
(the “Rights Agent”).

 

WHEREAS, the Company has received
a firm commitment from Ladenburg Thalmann & Co. Inc. (the “Representative”), as representative of the several underwriters,
to purchase up to an aggregate of 6,900,000 units, each unit (“Unit”) comprised of one ordinary share of the Company, par
value $0.0001 (the “Ordinary Shares”), one-third (1/3) of one redeemable warrant entitling the holder thereof to purchase
one Ordinary Share, and one right to receive one-tenth (1/10) 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 6,900,000 Public Rights
upon consummation of such public offering, 900,000 of which are attributable to the over-allotment option (the “Public Offering”);

 

WHEREAS, simultaneously with
the consummation of the Public Offering, the Company will issue and deliver up to an aggregate of 380,000 rights (up to a maximum of 416,000
rights if the over-allotment option is exercised in full) (the “Private Rights”) underlying private units to be sold in a
private placement that will close simultaneously with the closing of the Public Offering;

 

WHEREAS, the Company may issue
additional Rights, which will be identical to the Private Rights, in consideration of certain working capital loans that may be made by
the Company’s sponsor, officers, directors or their affiliates (together with the Public Rights and the Private 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. 333-258795 (the “Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among other securities,
the Rights and the Ordinary Shares issuable to the holders of the Rights;

 

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

 

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

 

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

 

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

 

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

  

2. Rights.

 

2.1. Form of Right.
Each Right shall be issued in registered or book entry 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 electronic signature of, the Chairman of the Board
or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear the Company’s seal, if
any. In the event the person whose electronic 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.
Except with respect to uncertificated Rights as described above, unless and until countersigned by the Rights Agent pursuant to this Agreement,
a registered Right shall be invalid and of no effect and may not be exchanged for Ordinary Shares.

 

2.3. Registration.

 

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

 

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

 

2.4. Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the fifty-second (52nd)
day after the date hereof unless the Representative informs the Company and the Rights Agent 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 announcing when such separate trading shall begin.

 

3. Terms and Exchange of Rights.

 

3.1. Rights. Each
Right shall entitle the holder thereof to receive one-tenth (1/10) of one Ordinary Share upon the happening of the Exchange Event (as
defined 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. The provisions of this Section 3.1 may not
be modified, amended or deleted without the prior written consent of the Representative.

 

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 Certificate of Incorporation).

 

3.3. Exchange of Rights.

 

3.3.1. Issuance of Ordinary
Shares. 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 Rights 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 Rights Agent shall issue to the registered
holder of such Right(s) the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may
be directed by him, her or it. 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 Rights Agent to round down to the nearest whole Ordinary Share or otherwise
inform it how fractional shares will be addressed in accordance with British Virgin Islands law.

 

    2

     

    

 

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

 

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

 

3.3.4. Company Not Surviving
Following Exchange Event. If the Exchange Event results in the Company not continuing as the surviving company, the definitive agreement
will provide for the holders of Rights to receive the same per share consideration as the holders of Ordinary Shares will receive in connection
with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section 3.1 above, and each holder of a Right
will be required to affirmatively convert his, her or its Rights in order to receive the one-tenth (1/10) of one share underlying each
Right (without paying any additional consideration) upon consummation of the Exchange Event.

 

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

 

4. Transfer and Exchange of Rights.

 

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

 

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

 

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

 

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

 

4.6. 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.

 

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

 

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

 

    3

     

    

 

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

 

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

 

6. Concerning the Rights Agent and Other Matters.

 

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

 

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

 

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

 

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

 

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

 

6.3. Fees and Expenses of Rights Agent.

 

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

 

    4

     

    

 

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

 

6.4. Liability of Rights Agent.

 

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

 

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

 

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

 

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

 

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

 

7. Miscellaneous Provisions.

 

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

 

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

  

Phoenix Acquisition Limited

Regus MBFC

Marina Bay Financial Centre, Tower 35000

12 Marina Boulevard, Level 17

Singapore 018982

Attn: Mr. Farmer Wayne Christopher, Chief
Executive Officer

E-mail: wayne@phoenix-acq.com

 

    5

     

    

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Compliance Department

Email: Compliance@continentalstock.com

 

and

 

Loeb& Loeb LLP

2206-19 Jardine House

1 Connaught Place

Central, Hong Kong SAR

Attn: Lawrence Venick, Esq.

E-mail: lvenick@loeb.com

 

and  

 

Ladenburg Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steve Kaplan

Facsimile: (212) 758-4939 

 

and  

 

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Brad L. Shiffman, Esq.

E-mail: bshiffman@blankrome.com

 

and

 

Ogier

11th Floor, Central Tower

28 Queen’s Road Central

Central, Hong Kong

Attn: Nathan Powell

E-mail: nathan.powell@ogier.com

 

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. Subject to applicable law, the Company and the Rights Agent hereby agree that any action, proceeding or claim against
either of them arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New
York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive forum for any such action, proceeding or claim. The Company and the Rights Agent hereby waive any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this
paragraph will not apply to suits brought to enforce any liability or duty created by the Securities Exchange Act of 1934, as amended,
or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum or any
compliant asserting a cause of action arising under the Securities Act against the Company or any of the Company’s directors, officers,
other employees or agents.

 

    6

     

    

 

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

 

7.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right, remedy, or claim under
or by reason of this 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 3.1, 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 the Representative
with respect to Sections 3.1, 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights.

 

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

  

7.6. Counterparts.
This Agreement may be executed in any number of original or electronic 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 in any material respect. 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 the Representative.

 

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.

 

	 	Phoenix Acquisition Limited
	 	 
	 	By:	/s/
	 	 	Name: 	Wayne Christopher Farmer
	 	 	Title:	Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: Vice President

 

Signature Page to Rights Agreement

 

    8

     

    

  

EXHIBIT A

 

Form of Rights Certificate

 

 

9Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made effective as of [   ], 2022 by and between Phoenix Acquisition Limited (the “Company”) and
Continental Stock Transfer& Trust Company, as trustee (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-258795 (“Registration Statement”) for its initial public
offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities
and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS,
Ladenburg Thalmann & Co. Inc. (“Ladenburg”) is acting as the representative of the underwriters in the IPO; and

 

WHEREAS,
if a Business Combination is not consummated within the initial 12 month period following the closing of the IPO, the Company may, but
are not obligated to, if requested by its sponsor or its affiliates, extend the period of time to consummate a business combination up
to two times by an additional three months (each, an “Extension”) each time for a total of up to 18 months (each, an “Applicable
Deadline”) by depositing $600,000, or $690,000 each time if the underwriters’ over-allotment option is exercised in full
into our Trust Account (as defined below) (the “Paid Extension Period”). In addition, the Company will be entitled to an
automatic three-month extension to complete a business combination if it filed a preliminary proxy statement, registration statement
or similar filing for an initial business combination during the 12-month period or Paid Extension Period in exchange for which they
will receive promissory notes; and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of
Association, $61,200,000 of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously therewith
($70,380,000 if the over-allotment option is exercised in full), plus any amount eventually deposited on account of any Extensions, will
be delivered to the Trustee to be deposited and held in the Trust Account for the benefit of the Company and the holders of the Company’s
ordinary shares, par value $0.0001 per share, issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee,
including the proceeds from any loans in connection with an Extension, if any, will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT
IS AGREED:

 

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

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at JP Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by Trustee, and at a brokerage institution selected by the Trustee that
is reasonably satisfactory to the Company;

 

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

 

(c) In
a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills,
notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company; meeting
the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government
treasury obligations or (ii) cause the brokerage institution referred to in 1(a) above to place the Property in a cash demand deposit
account; it being understood that unless the Company instructs the Trustee to do either of the foregoing, the Trust Account will earn
no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while the funds are invested or uninvested,
and the Trustee may earn bank credits or other consideration.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf
of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case
of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by Ladenburg,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination
Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received
by the Trustee by the 12-month anniversary of the closing of the IPO (“Closing”) or, in the event that the Company extended
the time to complete the Business Combination for up to 18-months from the closing of the IPO but has not completed the Business Combination
within the applicable monthly anniversary of the Closing, (“Last Date”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders
as of the Last Date.

 

(j) Upon
receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least five business
days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified
in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

(k) Not
disburse any amounts from the Trust Account in connection with a Business Combination in the event that the amount per share to be received
by the redeeming Public Shareholders is less than $10.20 per share (plus the amount per share deposited in the Trust Account pursuant
to any Extension Letter).

  

(l) In
connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any other person,
disburse the per share amount to redeeming Public Shareholders (other than shares tendered through the Depository Trust Company) that
have tendered their shares directly to the Trustee.

 

(m) Promptly
acknowledge and comply with any irrevocable instruction letter delivered in the form of Exhibit E delivered by the Company in
connection with the disbursement of funds to a Public Shareholder.

 

(n) Promptly
acknowledge, in writing to any redeeming Public Shareholder and the Company, any irrevocable instruction letter in the form of Exhibit
F delivered by such redeeming Public Shareholder after the announcement by the Company of a proposed Business Combination and promptly
comply with any irrevocable written instruction letter in the form of Exhibit F delivered by such Public Shareholder in connection
with the disbursement of funds to such Public Shareholder if the Company has not notified the Trustee in writing during the Objection
Period that such irrevocable written instruction letter is a Non-Compliant Instruction Letter (as defined below).

 

    2

     

    

 

2. 
Limited Distributions of Income from Trust Account.

 

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

 

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

 

(c) The
Company shall provide Ladenburg with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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

 

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

  

(b) Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any
and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting from the Trustee’s fraud, gross negligence or
willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or
proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”); provided, however, that the Trustee’s failure to
provide such notice shall not relieve the Company of its liability hereunder, except to the extent that it is materially prejudiced by
such failure. The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld or delayed. The Company may participate in such action with its own counsel;

 

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

 

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

 

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

 

    3

     

    

 

(f) 
Upon receiving the written request of a Public Shareholder to do so at any time after the date hereof, provide such Public Shareholder
with a copy of any instruction provided to the Trustee pursuant to Section 1(i) or Section 1(j) along with any Notification (as defined
in Exhibit A), Instruction Letter (as defined in Exhibit A), applicable flow of funds memorandum (or similar document),
or any other notice delivered to the Trustee by the Company regarding the disbursement of Property from the Trust Account resulting in
the Property left in the Trust Account being less than $61,200,000 (or $70,380,000 if the Underwriters’ over-allotment option is
exercised in full) plus any amount eventually deposited on account of any Extension, which, in each case, shall specify to whom the Property
shall be disbursed (such written notice, a “Disbursement Notice” and the date such Public Shareholder receives a Disbursement
Notice, a “Disbursement Notice Date”). Each Disbursement Notice shall be delivered to such Public Shareholder at least two
business days prior to the disbursement of any Property pursuant to Section 1(i) or Section 1(j) and no Property shall be disbursed from
the Trust Account prior to the date that is two business days from the applicable Disbursement Notice Date.

  

(g)
At the request of any Public Shareholder who has removed shares from street name and holds such shares either in certificated or book-entry
form and, except if such shares are held in book-entry form, delivered such certificated shares to the Trustee for purposes of redemption
in connection with a Business Combination, concurrently with the delivery of such shares, solely if such shares are certificated. to
the Trustee, send an irrevocable written instruction letter in the form of Exhibit E to the Trustee directing the Trustee to disburse
no less than $10.20 per share (plus the amount per share deposited in the Trust Account pursuant to any Extension Letter) to such Public
Shareholder.

 

(h)
Following receipt of a copy of an irrevocable written instruction letter in the form of Exhibit F delivered by a Public Shareholder
who has removed shares from street name and holds such shares either in certificated or book-entry form and, except if such shares are
held in book-entry form, delivered such certificated shares to the Trustee for purposes of redemption in connection with a Business Combination
to the Trustee, review such letter to confirm (i) such letter is in the form of Exhibit F, (ii) a Business Combination has been
announced on or prior to the date of such letter and (iii) the number of ordinary shares set forth on such letter to be redeemed is not
greater than the number of ordinary shares held by the applicable Public Shareholder. Solely if the Company cannot confirm the requirements
of clauses (i) through (iii) of this Section 3(h), but not for any other reason, then within two days of the Company’s receipt
of the applicable copy of the irrevocable written instruction letter in the form of Exhibit F (such time period, the “Objection
Period”), the Company will notify the applicable Public Shareholder and the Trustee in writing that such irrevocable written instruction
letter is a “Non-Compliant Instruction Letter” and that the Trustee shall not comply with such letter.

 

(i)
If applicable, the Company shall issue a press release at least three days prior to the Applicable Deadline announcing that, at least
five days prior to the Applicable Deadline, the Company received notice from the Company’s insiders that the insiders intend to
extend the Applicable Deadline;

 

(j)
Promptly following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination has
been extended.

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6. 
Termination. This Agreement shall terminate as follows:

 

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

 

    5

     

    

 

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

 

7. 
Miscellaneous.

 

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

 

(b)
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It may be executed
in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument.

  

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), 1(m), 1(n), 3(g), 3(h), 7(c) and 7(h) (which may only be amended with the approval of the holders of at least 50%
of the ordinary shares sold in the IPO, provided that all Public Shareholders must be given the right to receive a pro-rata portion of
the trust account (no less than $10.20 per share plus the amount per share deposited in the Trust Account pursuant to any Extension Letter)
in connection with any such amendment), this Agreement or any provision hereof may only be changed, amended or modified by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior
written consent of Ladenburg. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the
right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan,
for purposes of resolving any disputes hereunder.

 

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Phoenix
Acquisition Limited

Regus MBFC

Marina
Bay Financial Centre, Tower 35000

12
Marina Boulevard, Level 17

Singapore
018982

Attn:
Mr. Wayne Christopher Farmer, Chief Executive Officer

E-mail:
wayne@phoenix-acq.com

 

    6

     

    

 

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

 

Ladenburg
Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steve Kaplan

Facsimile: (212) 758-4939

  

and

 

Loeb
& Loeb LLP

2206-19 Jardine House

1
Connaught Place

Central

Hong
Kong SAR

Attn: Lawrence Venick, Esq.

E-mail: lvenick@loeb.com

 

and

 

Blank
Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Brad L. Shiffman, Esq.

E-mail: bshiffman@BlankRome.com

 

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

 

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

 

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

 

[signature
page follows]

 

    7

     

    

 

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

 

	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	 
	 	 	Name:	Francis
    Wolf
	 	 	Title:	Vice
    President
	 	 	 
	 	PHOENIX
    ACQUISITION LIMITED
	 	 	 
	 	By:	 
	 	 	Name:	Wayne
    Christopher Farmer
	 	 	Title:	Chief
    Executive Officer

 

    8

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	Trustee administration fee	 	Payable annually. First year payable at initial closing of Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Prevailing
rates	 

 

 

    9

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Phoenix Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [   ], 2022 (“Trust Agreement”), this
is to advise you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate
a business combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall
notify you at least 72 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”).
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
and (ii) the Company shall deliver to you an affidavit of the Chief Executive Officer, which verifies the vote of the Company’s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and Ladenburg
Thalmann & Co. Inc. with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement
of no less than $10.20 per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Shareholders
(“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

 

    A-1

     

    

 

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

 

	 	Very
    truly yours,
	 	 	 
	 	PHOENIX
    ACQUISITION LIMITED
	 	 	 
	 	By:	 
	 	Name:	Wayne
    Christopher Farmer
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Secretary/Assistant
    Secretary

 

	Acknowledged
    and Agreed:
	 
	Ladenburg
    Thalmann & Co. Inc.
	 
	By:	           	 
	Name: 	 
	Title:	 

 

    A-2

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Phoenix Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [   ], 2022 (“Trust Agreement”), this
is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified
in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s prospectus relating
to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer
the total proceeds to the Trust Operating Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders. The
Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Shareholders will be entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as
Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the
Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

	 	Very
    truly yours,
	 	 
	 	PHOENIX
    ACQUISITION LIMITED
	 	 	 
	 	By:	 
	 	Name:	Wayne
    Christopher Farmer
	 	Title:	Chief
    Executive Officer

 

	 	By:	 
	 	Name:	 
	 	Title:	Secretary/Assistant
    Secretary

 

	cc:	Ladenburg	Thalmann
    & Co. Inc.

 

    B-1

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Tax Withdrawal Instruction Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Phoenix Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [    ], 2022 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.
The Company needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement, you are hereby directed
and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	PHOENIX
    ACQUISITION LIMITED
	 	 
	 	By:	 
	 	Name:	Wayne
    Christopher Farmer
	 	Title:	Chief
    Executive Officer

 

	cc:	Ladenburg
    Thalmann & Co. Inc.

 

    C-1

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Extension Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(l) of the Investment Management Trust Agreement between Phoenix Acquisition Limited (“Company”) and Continental
Stock Transfer& Trust Company, dated as of [   ], 2022 (“Trust Agreement”), this is to advise you that
the Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional
three (3) months, from _______ to _________ (the “Extension”).

 

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

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $600,000 (or $690,000 if the underwriters’
over-allotment option was exercised in full, or in any case, $0.10 per public share), which will be wired to you, into the Trust Account
investments upon receipt.

 

This
is the ____ of up to two Extension Letters.

 

	 	Very
    truly yours,
	 	 
	 	PHOENIX
    ACQUISITION LIMITED
	 	 
	 	By:	 
	 	Name:	Wayne
    Christopher Farmer
	 	Title:	Chief
    Executive Officer

 

	cc:	Ladenburg
    Thalmann & Co. Inc.

 

    D-1

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert
date]

 

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Irrevocable Instruction in Connection with Business Combination

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to paragraphs 1(m) and 3(g) of the Investment Management Trust Agreement between Phoenix Acquisition Limited (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [   ], 2022 (“Trust Agreement”),
this constitutes our irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement),
disburse a per share amount of $______, for a total disbursement of $__________________which is not less than $10.20 (plus the amount
per share deposited in the Trust Account pursuant to any Extension Letter) to ________________ (the “Shareholder”) for the
_____________________ ordinary shares of the Company delivered to you prior to or concurrently herewith for redemption in connection
with the Business Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and amounts
to the Depository Trust Company, the Company, or any person from whom you have not received an irrevocable instruction substantially
similar to this one. The Shareholder wire instructions are attached. A share advice or DWAC instruction from our broker is also attached.

 

The
Company shall indemnify you and your officers, directors, principals, partners, agents and representatives, and hold each of them harmless
from and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys)
incurred by or asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance
of your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is determined
that you have acted with fraud, gross negligence or willful misconduct. You shall have no liability to the Company in respect to any
action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you shall be
entitled to rely in this regard on the advice of counsel.

 

The
Board of Directors of the Company has approved the foregoing irrevocable instructions and does hereby extend the Company’s irrevocable
agreement to indemnify your firm for all loss, liability or expense in carrying out the authority and direction herein contained on the
terms herein set forth.

 

The
Shareholder is intended to be and is a third-party beneficiary of this letter and the irrevocable instructions set forth herein, and
no amendment or modification to the instructions set forth herein may be made without the prior written consent of the Shareholder.

 

By
signing below, the person executing this letter certifies that they are duly authorized to execute this letter on behalf of the Company
and to bind the Company to all of the terms and conditions contained herein.

 

[remainder
of page intentionally left blank]

 

    E-1

     

    

 

	 	Very
    truly yours,
	 	 
	 	PHOENIX
    ACQUISITION LIMITED
	 	 
	 	By:	 
	 	Name:	Wayne
    Christopher Farmer
	 	Title:	Chief
    Executive Officer

 

	Acknowledged
    and Agreed:	 
	 	 
	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	 	 
	Name:	Francis
    Wolf	 
	Title:	Vice
    President	 

 

	Cc:	[SHAREHOLDER].

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

    E-2

     

    

 

EXHIBIT
F

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

 Re: Trust Account - Irrevocable Instruction in Connection with Business Combination

 

Dear Mr. Wolf
and Ms. Gonzalez:

 

Pursuant
to paragraphs 1(n) and 3(h) of the Investment Management Trust Agreement between Phoenix Acquisition Limited (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [   ], 2022 (“Trust Agreement”),
this constitutes our irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement),
disburse a per share amount of $______, for a total disbursement of $_________________which is not less than $10.20 (plus the amount
per share deposited in the Trust Account pursuant to any Extension Letter) per share to ________________ (the “Shareholder”)
for the _____________________ ordinary shares of the Company delivered to you prior to or concurrently herewith for redemption in connection
with the Business Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and amounts
to the Depository Trust Company, the Company, or any person from whom you have not received an irrevocable instruction substantially
similar to this one. Our wire instructions are attached. We understand that a servicing fee of $250.00 will deducted from our payment.
A share advice or DWAC instruction from our broker is attached.

 

The
Company shall indemnify you and your officers, directors, principals, partners, agents and representatives, and hold each of them harmless
from and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys)
incurred by or asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance
of your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is determined
that you have acted with fraud, gross negligence or in willful misconduct. You shall have no liability to the Company in respect to any
action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you shall be
entitled to rely in this regard on the advice of counsel.

 

The
Board of Directors of the Company does hereby extend the Company’s irrevocable agreement to indemnify your firm for all loss, liability
or expense in carrying out the authority and direction herein contained on the terms herein set forth.

 

No
amendment or modification to the instructions set forth herein may be made without the prior written consent of the Shareholder.

 

By
signing below, the person executing this letter certifies that they are duly authorized to execute this letter on behalf of the Shareholder
and to bind the Shareholder to all of the terms and conditions contained herein.

 

[remainder
of page intentionally left blank]

 

    F-1

     

    

 

	 	Very
    truly yours,
	 	 
	 	[SHAREHOLDER]
	 	 
	 	By:	                   
	 	Name:	 
	 	Title:	 

 

Acknowledged
and Agreed:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

 

	 	 
	Name:	Francis
    Wolf	 
	Title:	Vice
    President	 

 

	Cc:	Phoenix
    Acquisition Limited

    Regus MBFC

    Marina
    Bay Financial Centre, Tower 35000

    12 Marina
    Boulevard, Level 17

    Singapore
    018982

    Attn:
    Mr. Wayne Christopher Farmer, Chief Executive Officer

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

 

 

F-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]