Document:

Exhibit 4.6

 

RIGHTS AGREEMENT

 

This Rights Agreement (this
“Agreement”) is made as of [*], 2021 between Goldenstone Acquisition Limited, a Delaware corporation, with offices at 4360
E New York St, Aurora, IL 60504 (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited liability
trust company, with offices at 1 State Street, 30th Floor, New York, NY 10004 (the “Right Agent”).

 

WHEREAS, the Company has received
a firm commitment from Maxim Group LLC (“Maxim”), as representative of the several underwriters, to purchase up to an aggregate
of 5,000,000 units, each unit (“Unit”) comprised of one share of common stock of the Company, no par value (the “Common
Stock”), one warrant entitling the holder thereof to purchase one-half (1/2) of one share of Common Stock, and one right to receive
one-tenth of one share of Common Stock (a “Public Right”) upon the happening of the triggering event described herein, and
in connection therewith, will issue and deliver up to an aggregate of 5,750,000 Public Rights upon consummation of such public offering,
750,000 of which are attributable to the over-allotment option (“Public Offering”);

 

WHEREAS, simultaneously with
the consummation of the Public Offering, the Company will issue and deliver an aggregate up to 293,750 rights underlying private units
(the “Private Rights”);

 

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

  

WHEREAS, the Company may issue
up to an additional 60,000 Rights, which will be identical to the Private Rights, in consideration of certain working capital loans that
may be made by Goldenstone Holding LLC, the Company’s sponsor, or the Company’s officers, directors or affiliates (together
with the Public Rights, the Private Rights, the Maxim Rights, and along with such other rights as the Company issues from time to time
hereunder, the “Rights”);

 

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

 

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

 

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

 

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

 

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

 

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

 

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		2.	Rights.

 

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

  

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

 

		2.3.	Registration.

 

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

 

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

 

		2.4.	Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the fifty-second
(52nd) day after the date hereof unless Maxim informs the Company of its decision to allow earlier separate trading, but in
no event will separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K
which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including
the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised on the
date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such separate trading
shall begin.

 

		3.	Terms
and Exchange of Rights.

 

		3.1.	Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of the Exchange Event
(described below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Common Stock upon
the Exchange Event as the purchase price for such Common Stock 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 Common Stock.

 

	 	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 Certificates. As
    soon as practicable upon the occurrence of the Exchange Event, the Company shall direct holders of the Rights to return their Rights Certificates
    to the Right Agent. If the Company is not the surviving entity in a Business Combination, the holder of Rights must affirmatively elect
    to such conversion. Upon receipt of a valid Rights Certificate, the Company shall issue to the registered holder of such Right(s) a certificate
    or certificates for the number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as
    may be directed by him, her or it. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no
    event will the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights.
    At the time of the Exchange Event, the Company will instruct the Right Agent to round up to the nearest whole share of Common Stock or
    otherwise inform it how fractional shares will be addressed in accordance with Delaware law.

     

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

 

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	 	3.3.3.	Date of Issuance. Each person in whose name any such certificate for Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate.

 

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

 

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

 

		4.	Transfer
and Exchange of Rights.

 

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

 

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

 

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

 

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

 

	 	4.5.	Adjustments to Conversion Ratios. The number of shares of Common Stock 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 Common Stock occurring on or after the date hereof and prior to the Exchange Event.

 

	
     

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

 

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

 

	 	5.1.	No Rights as Stockholder. Until exchange of a Right for Common Stock as provided for herein, a Right does not entitle the registered holder thereof to any of the rights of a stockholder 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 stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

  

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

 

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

 

		6.	Concerning
the Right Agent and Other Matters.

 

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

 

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

 

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

 

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

 

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

 

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	 	6.3.	Fees and Expenses of Right Agent.

 

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

  

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

 

	 	6.4.	Liability of Right Agent.

 

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

 

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

 

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

 

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

 

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

 

		7.	Miscellaneous
Provisions.

 

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

 

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

 

Goldenstone Acquisition Limited

4360 E New York St.

Aurora, IL 60504

Attn: Eddie Ni

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Compliance Department

 

and

 

Loeb & Loeb LLP

35 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.

 

and

 

Maxim Group LLC

405 Lexington Ave.

New York, New York 10174

Attn: Alex Jin

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Barry Grossman

Fax No.: (212) 808-4155

 

	 	7.3.	Applicable Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

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	 	7.4.	Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Rights and, for the purposes of Sections 3.1, 3.2, 7.4 and 7.8 hereof, Maxim, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Maxim shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and Maxim with respect to Sections 3.1, 3.2, 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights.

  

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

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

 

	 	GOLDENSTONE ACQUISITION LIMITED 
	 	 
	 	By:	 
	 	 	Name:  	Eddie Ni  
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	 	Name: 	Erika Young
	 	 	Title:	 Vice President

 

Signature Page to the
Rights Agreement

 

    

     

    

 

EXHIBIT A

 

Form of RightExhibit 10.1

 

____, 2021

 

Goldenstone Acquisition Limited

4360 E New York St.

Aurora, IL 60504

 

Maxim Group LLC

405 Lexington Ave.

New York, NY 10174

 

		Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by
and between Goldenstone Acquisition Limited, a Delaware corporation (the “Company”), and Maxim Group LLC, as
Representative (the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of common stock of the Company, no par value (the “Common Stock”), one redeemable
warrant, each warrant entitling its holder to purchase one-half (1/2) of one share of Common Stock at an exercise price of $11.50 per
full share (the “Warrants”), and one right to receive one-tenth (1/10) of one share of Common Stock (the “Rights”).
Certain capitalized terms used herein are defined in paragraph 14 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If
the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all Common Stock beneficially owned
by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. The
undersigned hereby agrees that in the event that the Company fails to consummate a Business Combination within 12 months, the time period
by which the Company must consummate a Business Combination may be extended by up to nine months (or, if the Office of the Delaware Division
of Corporations shall not be open for business (including filing of corporate documents) on such date the next date upon which the Office
of the Delaware Division of Corporations shall be open). For such extension, the undersigned, together with its affiliates or designees,
will deposit into the Trust Fund for each additional three month period, an aggregate of $500,000, or up to $575,000 if the Underwriters'
over-allotment option is exercised in full ($0.10 per share) on or prior to the date of the applicable deadline. Such extension payments
would be made in the form of non-interest bearing loans to the Company (the “Extension Loans”), which are due
and payable on the consummation of the initial Business Combination out of the proceeds of the Trust Fund released to the Company, or
at the option of the Sponsor, all or a portion of all of the total loan amount may be converted into units at a price of $10.00 per unit,
which units will be identical to the Private Units. If the Company does not complete a Business Combination, the loans would be repaid
out of funds not held in the trust account, and only to the extent available.

 

3. (a)
Unless the Company’s stockholders are previously given the option to redeem their shares in connection with amending applicable
documents to extend the time that the Company has to complete a Business Combination and that the Company fails to consummate a Business
Combination within 12 months from the closing of the Company’s IPO (or, in the event that the Company extended the period of time
to consummate a business combination up to three times, each by an additional three months, within 21 months) from the closing of the
Company’s IPO, the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the
holders of the IPO Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned hereby
waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets
of the Company as a result of such liquidation with respect to his, her or its Insider Shares [including any shares underlying the Private
Units]1 (“Claim”)
and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with
the Company, including but not limited to any Extension Loans, and will not seek recourse against the Trust Fund for any reason whatsoever. [The undersigned acknowledges and agrees that
there will be no distribution from the Trust Fund with respect to any Warrants or Rights underlying the Private Units, all of which will
terminate on the Company’s liquidation.]2

 

[(c) In the event of the
liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability,
claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) which the Company may become subject
as a result of any claim by any vendor or other person who is owed money by the Company for services rendered or products sold or contracted
for, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds
in the Trust Fund; provided, that such indemnity shall not apply if such vendor or other person has executed an agreement waiving any
claims against the Trust Fund.]3

 

 

		1	NTD: Only include for Goldenstone Holding, LLC, Asia
Pacific Capital Management Limited, and Raymond Charles Holding, LLC.

		2	NTD: Only include for Goldenstone Holding, LLC, Asia
Pacific Capital Management Limited, and Raymond Charles Holding, LLC.

		3	NTD: Only include for Goldenstone Holding, LLC, Asia
Pacific Capital Management Limited, and Raymond Charles Holding, LLC.

 

     

     

    

 

4. [In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek
recourse for such expenses.]4

 

5. The
undersigned will escrow all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement, which the Company will
enter into with the undersigned and an escrow agent acceptable to the Company.

 

6. [The undersigned agrees
that until the Company consummates a Business Combination, the undersigned’s Private Units will be subject to the transfer restrictions
described in the Subscription Agreement relating to the undersigned’s Private Units.]5

 

7. In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the
Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target business,
until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing
fiduciary and contractual obligations the undersigned might have.

 

8. The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with
any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or
has received financial investment from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved
by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment
banking firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

9. Except for a total
monthly payment of $25,000 to be paid to our sponsor’s affiliate and officers, neither the undersigned, any member of the
family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation or
other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination; provided
that the Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon consummation of
the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned shall be entitled to
reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

10. Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept
a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate
of the undersigned originates a Business Combination.

 

11. [The undersigned agrees
to be a director/officer of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and
accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933.]6
The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and accurate
in all material respects. The undersigned represents and warrants that:

 

		(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i)
him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii)
any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

		(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or
any such partnership;

 

		(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

		(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic
violations and minor offenses);

 

 

		4	NTD: Only include for Goldenstone Holding, LLC, Asia
Pacific Capital Management Limited, and Raymond Charles Holding, LLC.

		5	NTD: Only include for Goldenstone Holding, LLC, Asia
Pacific Capital Management Limited, and Raymond Charles Holding, LLC.

		6	NTD: Remove for Goldenstone Holding, LLC, Asia Pacific
Capital Management Limited, Raymond Charles Holding, LLC, LSS Investment, LLC and Goldenstone Capital, LLC.

 

    2

     

    

 

		(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any
court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures
commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant,
any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing,
or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment
company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection
with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with
the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities
laws;

 

		(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any
federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity
described in 10(e)(i) above, or to be associated with persons engaged in any such activity;

 

		(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal
or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or
vacated;

 

		(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal
commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

		(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment,
decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign
securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including,
but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent
cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection
with any business entity;

 

		(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated,
or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary
authority over its members or persons associated with a member;

 

		(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security;
(ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker,
dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

		(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing
like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign
insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency;
the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent,
manipulative, or deceptive conduct;

 

		(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of
the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in
connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory
agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities
dealer, investment adviser or paid solicitor of purchasers of securities;

 

		(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him,
her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal
securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5
thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the
Securities Act;

 

		(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation
A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption,
or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

    3

     

    

 

		(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary
restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme
or device for obtaining money or property through the mail by means of false representations;

 

		(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like
functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
(or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit
Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or
officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

		(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of
1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”)
that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser;
(ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars
the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

		(s)	He, she or it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a
securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities
association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

12. [The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as
a Director and/or officer of the Company.]7

 

13. The
undersigned hereby waives his, her or its right to exercise redemption rights with respect to any Common Stock owned or to be owned by
the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether purchased by the undersigned
prior to the IPO, in the IPO or in the aftermarket, and agrees that he, she or it will not seek redemption with respect to or otherwise
sell, such shares in connection with any vote to approve a Business Combination with respect thereto, a vote to amend the provisions of
the Company’s Amended and Restated Certificate of Incorporation, or a tender offer by the Company prior to a Business Combination.

 

14. The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of
Incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination
unless the Company offers holders of IPO Shares the right to receive their pro rata portion of the funds then held in the Trust Fund.

 

15. In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would result in
the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising
out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration in accordance with the
International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought before the
AAA International Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided
by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be
final and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and
arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or
as otherwise directed by the arbitrators.

 

16. As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, contractual
arrangement, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities;
(ii) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the
IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company acquired by an Insider
prior to the IPO and any shares of Common Stock underlying the Private Units; (iv) “IPO Shares” shall mean the
shares of Common Stock issued in the Company’s IPO; (v) [“Private Units” shall mean (x) the Units purchased
in the private placement taking place simultaneously with the consummation of the Company’s IPO and (y) the additional Units that
may be purchased in connection with the exercise of the over-allotment option by the underwriters in the IPO as described in the Registration
Statement;]8 (vi) “Registration Statement” means the registration statement on Form S-1 filed by
the Company with respect to the IPO; and (vii) “Trust Fund” shall mean the trust fund into which a portion of
the net proceeds of the Company’s IPO will be deposited.

 

 

		7	NTD: Remove for Goldenstone Holding, LLC, Asia Pacific
Capital Management Limited, Raymond Charles Holding, LLC, LSS Investment, LLC and Goldenstone Capital, LLC.

		8	NTD: Only include for Goldenstone Holding, LLC Asia Pacific
Capital Management Limited, and Raymond Charles Holding.

 

    4

     

    

 

17. Any
notice, consent or request to be given in connection with any of the terms or provisions of this letter 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
facsimile transmission.

 

If to the Representative:

 

Maxim Group LLC

405 Lexington Ave

New York, NY 10174

Attn: Alex Jin

Facsimile: (212) 895-3773

 

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

 

Ellenoff Grossman & Schole LLP 

1345 Avenue of the Americas

New York, New York 10105

Attn: Barry Grossman, Esq.

Facsimile.: (212) 370-7889

 

If to the Company:

 

Goldenstone Acquisition Limited

 

4360 E New York St.

Aurora, IL 60504

Attn: Eddie Ni, Chief Executive Officer

 

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

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

Facsimile: (212) 504-3013

 

18. No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and
any successors and assigns thereof.

 

19. This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they
relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed
by all parties hereto.

 

20. The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties
set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of,
or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the subject matter
hereof.

 

    5

     

    

 

	 		GOLDENSTONE HOLDING, LLC
	 	 	 
	 	By:	 
	 		Name: Eddie Ni
	 	 	Title: Member
	 	 	 
	 		RAYMOND CHARLES HOLDING, LLC
	 	 	 
	 	By:	 
	 		Name: Ray Chen
	 	 	Title: Chief Executive Officer
	 	 	 
	 		ASIA PACIFIC CAPITAL MANAGEMENT LIMITED
	 	 	 
	 	By:	 
	 		Name: Yongsheng Liu
	 	 	Title: Director
	 	 	 
	 	 	 
	 	 	Eddie Ni
	 	 	 
	 	 	 
	 	 	Ray Chen
	 	 	 
	 	 	 
	 	 	Yongsheng Liu
	 	 	 
	 	 	 
	 	 	Nicolas Pechet
	 	 	 
	 	 	 
	 	 	Pin Tai
	 	 	 
	 	 	 
	 	 	Nan Sun
	 	 	 
	 		LSS Investment, LLC
	 	 	 
	 	By:	 
	 	 	Name: Mao Lee
	 	 	Title: Member
	 	 	 
	 	 	Goldenstone Capital, LLC
	 	 	 
	 	By:	 
	 		Name: Eddie Ni
	 	 	Title: Authorized Signatory

 

Signature Page to the Insider Letter

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