Document:

hzac_ex102.htm

EXHIBIT 10.2
  
 INVESTMENT MANAGEMENT TRUST AGREEMENT
  
 This Agreement is made as of [●] by and between Horizon Space Acquisition I Corp. (the “Company”) and Continental Stock Transfer & Trust Company, as trustee (“Trustee”).
  
 WHEREAS, the Company’s registration statement on Form S-1, No. 333-[__] (“Registration Statement”) for its initial public offering of the Company’s units (the “Units”), each of which consists of one ordinary share, par value $0.0001 per share, of the Company (the “Ordinary Share”), one warrant, each whole warrant entitling the holder to purchase one Ordinary Share (the “Warrants”), and one right to receive one-tenth (1/10) of one Ordinary Share (such initial public offering hereinafter referred to as the “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, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Network 1 Financial Securities, Inc., as representative (the “Representative” or “Network 1”) of the several underwriters (the “Underwriters”) named therein; and
  
 WHEREAS, if a Business Combination is not consummated within the initial 9 month period following the closing of the IPO, the Company’s insiders may extend such period by two three-months periods, up to a maximum of 15 months in the aggregate, by depositing $600,000 (or $690,000 if the Underwriters’ over-allotment option is exercised in full) into the Trust Account (as defined below) no later than the 9 month anniversary of the IPO, or the 12 month anniversary of the IPO (each, an “Applicable Deadline”), as applicable, for each three-month extension (each, an “Extension”), 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, $61,050,000 of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously therewith (or $70,207,500 if the over-allotment option is exercised in full), plus any amount eventually deposited on account of any Extension, 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 Ordinary Shares, 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, pursuant to the Underwriting Agreement, a portion of the Property equal to $2,100,000, or $2,415,000 if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); 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:
  
 	 
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 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a trust account (the “Trust Account”) established by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more), 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 written instruction of the Company, invest and reinvest the Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; and while account funds are invested or uninvested, 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 Network 1 of all communications received by it with respect to any Property requiring action by the Company;
  
 (f) Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to the Company or any other person;
  
 (g) Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $2,100,000;
  
 (h) Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of its tax returns;
  
 (i) 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;
  
 (j) 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
  
 	 
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 (k) 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 Network 1, 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 9-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 15-month from the effective date of the prospectus but has not completed the Business Combination within the applicable monthly anniversary of the effective date of the prospectus, (“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.
  
 (l) 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.
  
 (m) 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 $10.175 per share (plus the amount per share deposited in the Trust Account pursuant to any Extension Letter).
  
 (n) 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.
  
 (o) 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.
  
 (p) 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. 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(k) hereof.
  
 	 
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 (c) The Company shall provide Network 1 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 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(k), the Company agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.
  
 	 
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 (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(k) or Section 1(l) 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 $61,050,000 (or $70,207,500 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(k) or Section 1(l) 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 $10.175 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:
  
 	 
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 (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 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;
  
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;
  
 (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;
  
 (g) Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any 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(k), 2(a) or 2(b) above.
  
 	 
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 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
  
 (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.
  
 	 
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 (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(k), 1(m), 1(n), 1(p), 7(c) and 7(h) (which may only be amended with the affirmative vote of a majority of the then outstanding Ordinary Shares, provided that all Public Shareholders must be given the right to receive a pro-rata portion of the trust account (no less than $10.175 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 Network 1. 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 or by facsimile transmission:
  
 if to the Trustee, to:
  
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran Wolf and Celeste Gonzalez
 Email: fwolf@continentalstock.com
 Email: cgonzalez@continentalstock.com
  
 if to the Company, to:
  
 Horizon Space Acquisition I Corp.
 1412 Broadway
 21st Floor, Suite 21V
 New York, NY 10018
 Attn: Mingyu (Michael) Li
 Email: mcli@horizonspace.cc
  
 in either case with a copy (which copy shall not constitute notice) to:
  
 Network 1 Financial Securities, Inc.
 2 Bridge Ave #241
 Red Bank, NJ 07701
 Attn: Adam Pasholk
 Email: ddtestaverde@netw1.com
 Fax: (732) 758-6671
  
 and
  
 Sichenzia Ross Ference LLP
 1185 Avenue of the Americas, 31st Floor
 New York, NY 10036 
 Tel: (212) 930-9700
 Attn: David Manno, Esq.
 Email: dmanno@srf.law
  
 and 
  
 Robinson & Cole LLP
 Chrysler East Building 
 666 Third Avenue, 20th floor 
 New York, NY  10017
 Attn: Arila E. Zhou, Esq.
 Email: azhou@rc.com
  
 (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 Network 1 is a third party beneficiary of this Agreement.
  
 [signature page follows]
  
 	 
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 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
	  

	  
	  

	  
	 HORIZON SPACE ACQUISITION I CORP. 

	  
	  

	  
	 By:
	  
	  

	  
	  
	 Name: Mingyu (Michael) Li
	  

	  
	  
	 Title: Chief Executive Officer
	  

  
 [signature page to Investment Management Trust Agreement – Horizon Space Acquisition I Corp.]
  
 	 
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 SCHEDULE A
  
 	 Fee Item
	  
	 Time and method of payment
	  
	 Amount
	  

	 Initial acceptance fee
	  
	 Initial closing of IPO by wire transfer
	  
	 $
		  

	 Annual fee
	  
	 Initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check
	  
	 $
		  

	 Transaction processing fee for disbursements to Company under Section 2
	  
	 Deduction by Trustee from accumulated income following disbursement made to Company under Section 2
	  
	 $
		  

	 Paying Agent services as required pursuant to section 1(k)
	  
	 Billed to Company upon delivery of service pursuant to section 1(k)
	  
	  
	 Prevailing rates
	  

  
 	 
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 EXHIBIT A
 [Letterhead of Company]
 [Insert date]
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran 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 Horizon Space Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●] (“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 above-referenced account at JP Morgan 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 (including as directed to it by the Representative on behalf of the Underwriters with respect to the Deferred Discount). It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution, the Company will not earn any interest or dividends.
  
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii) the Company shall deliver to you a certificate of 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 the Representative with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement of no less than $10.175 per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Shareholders and payment of the Deferred Discount to the Representative from the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.
  
 In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by 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,

 	  
	 HORIZON SPACE ACQUISITION I CORP. 

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name: 
	  
	  

	  
	 Title:
	  
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name:
	  
	  

	  
	 Title: 
	 Secretary/Assistant Secretary
	  

   
 	 Acknowledged and Agreed:
	  

	  
	  
	  

	 Network 1 Financial Securities, Inc.
	  

	  
	  
	  

	 By:
	  
	  

	 Name: 
	  
	  

	 Title:
	  
	  

  
 	 
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 EXHIBIT B
 [Letterhead of Company]
 [Insert date]
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran Wolf and Celeste Gonzalez
  
 	  
	 Re:
	 Trust Account No.  - Termination Letter

  
 Dear Mr. Wolf and Ms. Gonzalez:
  
 Pursuant to paragraph 1(k) of the Investment Management Trust Agreement between Horizon Space Acquisition I Corp. (“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 J.P. Morgan Chase bank, NA to await distribution to the Public Shareholders. The Company has selected [●] 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,

  
 	  
	 HORIZON SPACE ACQUISITION I CORP.
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name: 
	  
	  

	  
	 Title:
	  
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name:
	  
	  

	  
	 Title: 
	 Secretary/Assistant Secretary
	  

   
 cc: Network 1 Financial Securities, Inc.
  
 	 
	12
	

	 

  
 EXHIBIT C
 [Letterhead of Company]
 [Insert date]
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran Wolf and Celeste Gonzalez
  
 	  
	 Re:
	 Trust Account 

  
 Dear Mr. Wolf and Ms. Gonzalez:
  
 Pursuant to paragraph 2(a) of the Investment Management Trust Agreement between Horizon Space Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●] (“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]
  
 	  
	 HORIZON SPACE ACQUISITION I CORP.
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name:
	  
	  

	  
	 Title:
	  
	  

  
 cc: Network 1 Financial Securities, Inc.
  
 	 
	13
	

	 

  
 EXHIBIT D
 [Letterhead of Company]
 [Insert date]
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran 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 Horizon Space Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company, dated as of [●] (“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)], 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,
	  

	  
	  
	  
	  

	  
	 HORIZON SPACE ACQUISITION I CORP.
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name: 
	  
	  

	  
	 Title:
	  
	  

  
 cc: Network 1 Financial Securities, Inc.
  
 	 
	14
	

	 

  
 EXHIBIT E
 [Letterhead of Company]
 [Insert date]
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran Wolf and Celeste Gonzalez
  
 	  
	 Re:
	 Trust Account  - Irrevocable Instruction in Connection with Business Combination

  
 Dear Mr. Wolf and Ms. Gonzalez:
  
 Pursuant to paragraphs 1(o) and 3(g) of the Investment Management Trust Agreement between Horizon Space Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●] (“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 $10.175 (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 gross negligence . 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.
  
 	  
	 Very truly yours,
	  

	  
	  
	  
	  

	  
	 HORIZON SPACE ACQUISITION I CORP.
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	 Name: 
	  
	  

	  
	 Title: 
	  
	  

  
 	 Acknowledged and Agreed:
	  

	  
	  
	  

	 CONTINENTAL STOCK TRANSFER &
 TRUST COMPANY, as Trustee
	  

	  
	  
	  

	 Name: 
	  
	  

	 Title:
	  
	  

  
 Cc: [SHAREHOLDER].
  
 Attachments:
 Shareholder Wire Instructions
 Share advice or instruction
  
 [signature page to Investment Management Trust Agreement-Exhibit E- Horizon Space Acquisition I Corp.]
  
 	 
	15
	

	 

  
 EXHIBIT F
  
 [Insert date]
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Fran Wolf and Celeste Gonzalez
  
 	  
	 Re:
	 Trust Account  Irrevocable Instruction in Connection with Business Combination

  
 Dear Mr. Wolf and Ms. Gonzalez:
  
 Pursuant to paragraphs 1(p) and 3(h) of the Investment Management Trust Agreement between Horizon Space Acquisition I Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●] (“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 $10.175 (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 gross negligence. 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.
  
 	  
	 Very truly yours,
	  

	  
	  
	  
	  

	  
	 [SHAREHOLDER]
	  

	  
	  
	  
	  

	  
	 By: 
	  
	  

	  
	 Name: 
	  
	  

	  
	 Title: 
	  
	  

  
 Acknowledged and Agreed:
  
 CONTINENTAL STOCK TRANSFER &
 TRUST COMPANY, as Trustee
  
 	  
	  
	  

	 Name: 
	  
	  

	 Title:
	  
	  

  
 	 Cc: 
	 Horizon Space Acquisition I Corp. 
	  

	  
	 1412 Broadway
	  

	  
	 21st Floor, Suite 21V
	  

	  
	 New York, NY 10018
	  

	  
	 Attn: Mingyu (Michael) Li, Chief Executive Officer 
	  

  
 Attachments:
 Shareholder Wire Instructions
 Share advice or instruction
  
 	 
	16hzac_ex103.htm

EXHIBIT 10.3
  
 SHARE ESCROW AGREEMENT
  
 SHARE ESCROW AGREEMENT, dated as of [●] (“Agreement”), by and among Horizon Space Acquisition I Corp., a Cayman Islands exempted Company (the “Company”), the initial shareholders listed on Exhibit A attached hereto (each, an “Initial Shareholder” and collectively the “Initial Shareholders”) and Continental Stock Transfer & Trust Company, a New York limited liability trust company (the “Escrow Agent”).
  
 WHEREAS, the Company has entered into an Underwriting Agreement, dated as of [●] (“Underwriting Agreement”), with Network 1 Financial Securities, Inc. (“Network 1”), acting as the representative of the underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 6,000,000 units (“Units”) of the Company, plus an additional 900,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one ordinary share of the Company, $0.0001 par value (“Ordinary Shares”), one redeemable warrant, with each warrant entitling the holder to purchase one Ordinary Share (the “Warrants”) and one right to receive one-tenth (1/10) of one Ordinary Share (the “Rights”), all as more fully described in the Company’s final Prospectus, dated [●] (“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No. 333- [__]) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [●] (“Effective Date”).
  
 WHEREAS, the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their Insider Shares and Private Units (including the underlying securities) (both as defined in the Prospectus), as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.
  
 WHEREAS, the Company and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.
  
 IT IS AGREED:
  
 1. Appointment of Escrow Agent. The Company and the Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.
  
 2. Deposit of Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates representing such Initial Shareholder’s respective Escrow Shares, together with applicable stock powers, to be held and disbursed subject to the terms and conditions of this Agreement. Each of the Initial Shareholders acknowledges that the certificate representing such Initial Shareholder’s Escrow Shares are legended to reflect the deposit of such Escrow Shares under this Agreement.
  
 3. Disbursement of the Escrow Shares.
  
 	 
	1
	

	 

  
 3.1 The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof until (1) with respect to 50% of the Insider Shares, the earlier of (a) six months after the date of the consummation of the Company’s initial business combination; or (b) the date on which the Company consummate a liquidation, merger, stock exchange, or other similar transaction that results in all of its Shareholders having the right to exchange their Ordinary Shares for cash, securities, or other property or, notwithstanding the foregoing, if the closing price of Ordinary Shares equals or exceeds $12.50 per share (as adjusted for stock subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial business combination, (2) with respect to the remaining 50% of the Insider Shares, six months after the date of the consummation of the Company’s initial business combination and (3) with respect to the Private Units (and the underlying securities) (including additional Private Units purchased by the Initial Shareholders in connection with the if the Underwriters’ exercise of over-allotment option to purchase an additional 900,000 Units of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement)), until after the completion of the Company’s initial business combination (except to certain permitted transferees), the Escrow Shares will no longer be subject to such transfer restrictions. The Company shall promptly provide written notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares (and any applicable stock power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided further, however, that if, within the six months after the Company consummates a Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having the right to exchange their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a written notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.
  
 3.2 Notwithstanding Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 900,000 Units of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Founder Shares held by each such holder determined by multiplying (a) the product of (i) 900,000 multiplied by (ii) a fraction, (x) the numerator of which is the number of Founder Shares held by each such holder, and (y) the denominator of which is the total number of Founder Shares, by (b) a fraction, (i) the numerator of which is 800,000 minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 800,000. The Company shall promptly provide written notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.
  
 4. Rights of Initial Shareholders in Escrow Shares.
  
 4.1 Voting Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including, without limitation, the right to vote such shares.
  
 4.2 Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow Share shall be paid to the Initial Shareholders, but all dividends payable in shares or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.
  
 	 
	2
	

	 

  
 4.3 Restrictions on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) among the Initial Shareholders or to the Company’s Initial Shareholders’ members, 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 at prices no greater than the price at which the Escrow Shares 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, capital 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 clause (vi), (viii) or (ix) or with the Company’s prior written consent , on the condition that such transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Shareholder transferring the Escrow Shares.
  
 4.4 Insider Letters. Each of the Initial Shareholders has executed a letter agreement with Network 1 and the Company, dated as indicated on Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation of the Company.
  
 5. Concerning the Escrow Agent.
  
 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and 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 Escrow Agent), 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 Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.
  
 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Share held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.
  
 	 
	3
	

	 

  
 5.3 Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.
  
 5.4 Further Assurances. From time to time on and after the date hereof, the Company and the Initial Shareholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.
  
 5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.
  
 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.
  
 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct.
  
 5.8 Waiver. The Escrow 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 Escrow 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.
  
 6. Miscellaneous.
  
 6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed 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.
  
 	 
	4
	

	 

  
 6.2 Third Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that Network 1 is a third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Network 1.
  
 6.3 Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged.
  
 6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.
  
 6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns.
  
 6.6 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:
  
 If to the Company, to:
  
 Horizon Space Acquisition I Corp.
 1412 Broadway
 21st Floor, Suite 21V
 New York, NY 10018
 Attn: Mingyu (Michael) Li, Chief Executive Officer
 Email: mcli@horizonspace.cc
  
 If to a Shareholder, to his address set forth in Exhibit A.
  
 and if to the Escrow Agent, to:
  
 Continental Stock Transfer & Trust Company
 1 State Street, 30th Floor
 New York, NY 10004
 Attn: Douglas Reed
  
 A copy (which copy shall not constitute notice) sent hereunder shall be sent to:
  
 Network 1 Financial Securities, Inc.
 2 Bridge Ave #241
 Red Bank, NJ 07701
 Attn.: Adam Pasholk
 Email: ddtestaverde@netw1.com
 Fax: (732) 758-6671
  
 	 
	5
	

	 

  
 and:
  
 Robinson & Cole LLP
 Chrysler East Building
 666 Third Avenue, 20th Floor
 New York, NY 10017
 Attn: Arila E. Zhou, Esq.
 Email: azhou@rc.com 
  
 and:
  
 Sichenzia Ross Ference LLP
 1185 Avenue of the Americas, 31st Floor
 New York, NY 10036 
 Tel: (212) 930-9700
 Attn: David Manno, Esq.
 Email: dmanno@srf.law
  
 The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice.
  
 6.7 Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.
  
 [Signature Page Follows]
  
 	 
	6
	

	 

  
 WITNESS the execution of this Agreement as of the date first above written.
  
 	  
	 COMPANY:
	  

	  
	  
	  
	  

	  
	 HORIZON SPACE ACQUISITION I CORP.
	  

	  
	  
	  

	  
	 By:
	  
	  

	  
	  
	 Name: Mingyu (Michael) Li
	  

	  
	  
	 Title: Chief Executive Officer
	  

  
 INITIAL SHAREHOLDERS:
  
 	  
	 HORIZON SPACE ACQUISITION I SPONSOR CORP.
	  

	  
	  
	  

	  
	 By:
	  
	  

	  
	  
	 Name: Mingyu (Michael) Li
	  

	  
	  
	 Title: Director
	  

  
 	  
	  
	  

	  
	 Angel Colon
	  

	  
	  
	  

	  
	 Mark Singh
	  

	  
	  
	  

	  
	 Rodolfo Jose Gonzalez Caceres
	  

  
 	  
	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY 
	  

	  
	  
	  
	  

	  
	 By:
	  
	  

	  
	  
	 Name: [●]
	  

	  
	  
	 Title: [●]
	  

  
 	 
	7
	

	 

  
 EXHIBIT A
  
 	 Name and Address of Initial Shareholder[1]
	  
	 Number of Share/Units
	  
	 Date of Insider Letter

	 Horizon Space Acquisition I Sponsor Corp.
	  
	 [●] Insider Shares
 [●] Private Units
	  
	 [●]

	 Angel Colon
	  
	 8,000 Founder Shares
	  
	 [●]

	 Mark Singh
	  
	 5,000 Founder Shares
	  
	 [●]

	 Rodolfo Jose Gonzalez Caceres
	  
	 5,000 Founder Shares
	  
	 [●]

  
 	 [1]
	 The address of each of the individuals is c/o, Horizon Space Acquisition I Corp., 1412 Broadway, 21st Floor, Suite 21V, New York, NY 10018.

  
 	 
	8

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