Document:

Exhibit 10.1

 

May
18, 2021

 

Aries
I Acquisition Corporation

23
Lime Tree Bay, P.O. Box 1569 

Grand
Cayman, Cayman Islands KY-1110

 

	Re:	Initial
Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and among Aries I Acquisition Corporation, a Cayman Islands
exempted company (the “Company”), and Wells Fargo Securities, LLC, as representative (the “Representative”)
of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of up to 14,375,000 of
the Company’s units (including up to 1,875,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary
Shares”), and one-third of one redeemable warrant. Each whole warrant (each, a “Warrant”)
entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment as described
in the Prospectus (as defined below). The Units will be sold in the Public Offering pursuant to a registration statement on Form
S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission
(the “Commission”) and the Company has applied to have the Units listed on the Nasdaq Stock Market.
Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Aries Acquisition
Partners, Ltd. (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s
board of directors and/or management team (each of the undersigned individuals, an “Insider” and collectively,
the “Insiders”), hereby agrees with the Company as follows:

 

		1.	The
                                         Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed
                                         Business Combination, then in connection with such proposed Business Combination, it,
                                         he or she shall (i) vote any Ordinary Shares (as defined below) owned by it, him or her
                                         in favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares
                                         owned by it, him or her in connection with such shareholder approval. If the Company
                                         seeks to consummate a proposed Business Combination by engaging in a tender offer, the
                                         Sponsor and each Insider agrees that it, he or she will not sell or tender any Ordinary
                                         Shares owned by it, him or her in connection therewith.

 

		2.	The
                                         Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate
                                         a Business Combination within 24 months from the closing of the Public Offering, or such
                                         later period approved by the Company’s shareholders in accordance with the Company’s
                                         amended and restated memorandum and articles of association (as it may be amended from
                                         time to time, the “Charter”), the Sponsor and each Insider
                                         shall take all reasonable steps to cause the Company to (i) cease all operations except
                                         for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
                                         ten (10) business days thereafter, redeem 100% of the Class A Ordinary Shares sold as
                                         part of the Units in the Public Offering (the “Offering Shares”),
                                         at a per-share price, payable in cash, equal to the aggregate amount then on deposit
                                         in the Trust Account (as defined below), including interest earned on the funds held
                                         in the Trust Account (which interest shall be net of taxes payable and up to $100,000
                                         of interest to pay dissolution expenses), divided by the number of then outstanding Offering
                                         Shares, which redemption will completely extinguish all Public Shareholders’ (as
                                         defined below) rights as shareholders (including the right to receive further liquidating
                                         distributions, if any), and (iii) as promptly as reasonably possible following such redemption,
                                         subject to the approval of the Company’s remaining shareholders and the Company’s
                                         board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii)
                                         to the Company’s obligations under Cayman Islands law to provide for claims of
                                         creditors and in all cases subject to the other requirements of applicable law. The Sponsor
                                         and each Insider agrees to not propose any amendment to the Charter (A) to modify the
                                         substance or timing of the Company’s obligation to allow redemption in connection
                                         with our initial business combination or to redeem 100% of the Offering Shares if the
                                         Company does not complete a Business Combination within the required time period set
                                         forth in the Charter or (B) with respect to any other material provisions relating to
                                         shareholders’ rights or pre-initial Business Combination activity, unless the Company
                                         provides its Public Shareholders with the opportunity to redeem their Offering Shares
                                         upon approval of any such amendment at a per-share price, payable in cash, equal to the
                                         aggregate amount then on deposit in the Trust Account, including interest earned on the
                                         funds held in the Trust Account and not previously released to the Company to pay its
                                         taxes, divided by the number of then outstanding Offering Shares.

     

     

    

The
Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the
Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any Ordinary Shares
held by it, him or her, if any, any redemption rights it, he or she may have in connection with (a) the consummation of a Business
Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business
Combination, or (b) a shareholder vote to approve an amendment to the Charter (A) to modify the substance or timing of the Company’s
obligation to allow redemption in connection with our initial business combination or to redeem 100% of the Offering Shares if
the Company has not consummated a Business Combination within the time period set forth in the Charter or (B) with respect to
any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity or in the context
of a tender offer made by the Company to purchase Offering Shares (although the Sponsor, the Insiders and their respective affiliates
shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails
to consummate a Business Combination within the time period set forth in the Charter).

 

		3.	During
                                         the period commencing on the effective date of the Underwriting Agreement and ending
                                         180 days after such date, the Sponsor and each Insider shall not, without the prior written
                                         consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate,
                                         pledge, grant any option to purchase or otherwise dispose of or agree to dispose of,
                                         directly or indirectly, or establish or increase a put equivalent position or liquidate
                                         or decrease a call equivalent position within the meaning of Section 16 of the Securities
                                         Exchange Act of 1934, as amended (the “Exchange Act”), and
                                         the rules and regulations of the Commission promulgated thereunder, with respect to,
                                         any Units, Ordinary Shares (including, but not limited to, Founder Shares), Warrants
                                         or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares
                                         owned by it, him or her, (ii) enter into any swap or other arrangement that transfers
                                         to another, in whole or in part, any of the economic consequences of ownership of any
                                         Units, Ordinary Shares (including, but not limited to, Founder Shares), Warrants or any
                                         securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned
                                         by it, him or her, whether any such transaction is to be settled by delivery of such
                                         securities, in cash or otherwise, or (iii) publicly announce any intention to effect
                                         any transaction specified in clause (i) or (ii). Each of the Sponsor, directors and officers
                                         acknowledges and agrees that, prior to the effective date of any release or waiver, of
                                         the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall
                                         announce the impending release or waiver by press release through a major news service
                                         at least two business days before the effective date of the release or waiver. Any release
                                         or waiver granted shall only be effective two business days after the publication date
                                         of such press release. The provisions of this paragraph will not apply to any transfer
                                         permitted under paragraph 7(c) hereof or if the release or waiver is effected solely
                                         to permit a transfer not for consideration and the transferee has agreed in writing to
                                         be bound by the same terms described in this Letter Agreement to the extent and for the
                                         duration that such terms remain in effect at the time of the transfer.

 

		4.	In
                                         the event of the liquidation of the Trust Account upon the failure of the Company to
                                         consummate its initial Business Combination within the time period set forth in the Charter,
                                         the Sponsor (the “Indemnitor”) agrees to indemnify and hold
                                         harmless the Company against any and all loss, liability,
claim, 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) to which the Company may
become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii)
any prospective target business with which the Company has entered into a written letter of intent, confidentiality or other
similar agreement or Business Combination agreement (a “Target”); provided, however,
that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such
claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00
per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation
of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due to reductions in
the value of the trust assets, less taxes payable, (y) shall not apply to any claims by a third party or a Target which
executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable)
and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any
such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of
notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such
defense.

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		5.	To
                                         the extent that the Underwriters do not exercise their over-allotment option to purchase
                                         up to an additional 2,625,000 Units within 45 days from the date of the Prospectus (and
                                         as further described in the Prospectus), the Initial Shareholders agree to forfeit, at
                                         no cost, a number of Founder Shares, to be split pro rata between them based on the number
                                         of Founder Shares they hold upon the consummation of the Public Offering, equal to 656,250
                                         multiplied by a fraction, (i) the numerator of which is 2,625,000 minus the number of
                                         Units purchased by the Underwriters upon the exercise of their over-allotment option,
                                         and (ii) the denominator of which is 2,625,000. The forfeiture will be adjusted to the
                                         extent that the over-allotment option is not exercised in full by the Underwriters so
                                         that the Founder Shares will represent an aggregate of 20.0% of the Company’s issued
                                         and outstanding Class A Ordinary Shares after the Public Offering (not including Class
                                         A Ordinary Shares underlying the Private Placement Warrants (as defined below)). The
                                         Initial Shareholders further agree that to the extent that the size of the Public Offering
                                         is increased or decreased, the Company will purchase or sell Units or effect a share
                                         repurchase or share capitalization, as applicable, immediately prior to the consummation
                                         of the Public Offering in such amount as to maintain the ownership of the Initial Shareholders
                                         prior to the Public Offering at 20.0% of its issued and outstanding Capital Shares upon
                                         the consummation of the Public Offering. In connection with such increase or decrease
                                         in the size of the Public Offering, then (A) the references to 2,625,000 in the numerator
                                         and denominator of the formula in the first sentence of this paragraph shall be changed
                                         to a number equal to 15% of the number of Public Shares included in the Units issued
                                         in the Public Offering and (B) the reference to 656,250 in the formula set forth in the
                                         first sentence of this paragraph shall be adjusted to such number of Founder Shares that
                                         the Initial Shareholders would have to surrender to the Company in order for the Initial
                                         Shareholders to hold an aggregate of 20.0% of the Company’s issued and outstanding
                                         Class A Ordinary Shares after the Public Offering (not including Class A Ordinary Shares
                                         underlying the Warrants or Private Placement Warrants).

 

		6.	The
                                         Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and
                                         the Company would be irreparably injured in the event of a breach by such Sponsor or
                                         an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b)
                                         and 9 as applicable, of this Letter Agreement, (ii) monetary damages may not be an adequate
                                         remedy for such breach and (iii) the non- breaching party shall be entitled to injunctive
                                         relief, in addition to any other remedy that such party may have in law or in equity,
                                         in the event of such breach.

 

		7.	(a)
                                               The Sponsor and each Insider agrees that it, he or
                                         she shall not Transfer any Founder Shares (or any Class A Ordinary Shares issuable upon
                                         conversion thereof) until the earlier of (A) one year after the completion of the Company’s
                                         initial Business Combination and (B) subsequent to the Business Combination, (x) if the
                                         closing price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted
                                         for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
                                         any 20 trading days within any 30-trading day period commencing at least 150 days after
                                         the Company’s initial Business Combination or (y) the date on which the Company
                                         completes a liquidation, merger, share exchange or other similar transaction that results
                                         in all of the Company’s Public Shareholders having the right to exchange their
                                         shares of Class A Ordinary Shares for cash, securities or other property (the “Founder
                                         Shares Lock-up Period”).

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			(b)          The
                                         Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement
                                         Warrants (or any Class A Ordinary Shares underlying the Private Placement Warrants),
                                         until 30 days after the completion of a Business Combination (the “Private
                                         Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up
                                         Period, the “Lock-up Periods”).

 

	 	 	(c)         Notwithstanding
    the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and the Class
    A Ordinary Shares underlying the Private Placement Warrants that are held by the Sponsor, any Insider or any of their permitted
    transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors,
    any affiliate, associate or family member of any of the Company’s officers or directors, any affiliate of the Sponsor
    or to any members of the Sponsor or any of their affiliates or family members or to any employee of any such affiliate; (b)
    in the case of an individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is
    such person or a member of such person’s immediate family, an affiliate of such person or to a charitable organization;
    (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such person; (d) in the case
    of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with
    any forward purchase agreement or similar arrangement or in connection with the consummation of a business combination at
    prices no greater than the price at which the shares or warrants were originally purchased; (f) by virtue of the laws of the
    Cayman Islands or the Sponsor’s limited liability partnership agreement upon dissolution of the Sponsor; (g) in the
    event of the Company’s liquidation prior to the consummation of its initial business combination; (h) in the event that,
    subsequent to the Company’s consummation of an initial business combination, the Company completes a liquidation, merger,
    share exchange or other similar transaction which results in all of its shareholders having the right to exchange their Class
    A ordinary shares for cash, securities or other property.

 

		8.	The
                                         Sponsor and each Insider represents and warrants that it, he or she has never been suspended
                                         or expelled from membership in any securities or commodities exchange or association
                                         or had a securities or commodities license or registration denied, suspended or revoked.
                                         Each Insider’s biographical information furnished to the Company (including any
                                         such information included in the Prospectus) is true and accurate in all respects and
                                         does not omit any material information with respect to the Insider’s background.
                                         The Sponsor and each Insider’s questionnaire furnished to the Company is true and
                                         accurate in all respects. The Sponsor and each Insider represents and warrants that:
                                         it, he or she is not subject to or a respondent in any legal action for, any injunction,
                                         cease-and- desist order or order or stipulation to desist or refrain from any act or
                                         practice relating to the offering of securities in any jurisdiction; it, he or she has
                                         never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating
                                         to any financial transaction or handling of funds of another person, or (iii) pertaining
                                         to any dealings in any securities and it, he or she is not currently a defendant in any
                                         such criminal proceeding.

 

		9.	Except
                                         as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate
                                         of the Sponsor or any officer, nor any director of the Company, shall receive from the
                                         Company any finder’s fee, reimbursement, consulting fee, monies in respect of any
                                         repayment of a loan or other compensation prior to, or in connection with any services
                                         rendered in order to effectuate, the consummation of the Company’s initial Business
                                         Combination (regardless of the type of transaction that it is), other than the following,
                                         none of which will be made from the proceeds held in the Trust Account prior to the completion
                                         of the initial Business Combination: repayment of a loan and advances up to an aggregate
                                         of $300,000 made to the Company by the Sponsor; payment to the Sponsor for certain office
                                         space, utilities, secretarial and administrative support services as may be reasonably
                                         required by the Company for a total of $10,000 per month; reimbursement for any reasonable
                                         out-of-pocket expenses related to identifying, investigating, negotiating and completing
                                         an initial Business Combination, and repayment of loans, if any, and on such terms as
                                         to be determined by the Company from time to time, made by the Sponsor or an affiliate
                                         of the Sponsor or any of the Company’s officers or directors to finance transaction
                                         costs in connection with an intended initial Business Combination, provided, that, if
                                         the Company does not consummate an initial Business Combination, a portion of the working
                                         capital held outside the Trust Account may be used by the Company to repay such loaned
                                         amounts so long as no proceeds from the Trust Account are used for such repayment. Up
                                         to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per
                                         warrant at the option of the lender. Such warrants would be identical to the Private
                                         Placement Warrants, including as to exercise price, exercisability and exercise period.

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		10.	The
                                         Sponsor and each Insider has full right and power, without violating any agreement to
                                         which it is bound (including, without limitation, any non-competition or non-solicitation
                                         agreement with any employer or former employer), to enter into this Letter Agreement
                                         and, as applicable, to serve as an officer and/or director on the board of directors
                                         of the Company and hereby consents to being named in the Prospectus as an officer and/or
                                         director of the Company.

 

		11.	As
                                         used herein, (i) “Business Combination” shall mean a merger,
                                         share exchange, asset acquisition, share purchase, reorganization or similar business
                                         combination, involving the Company and one or more businesses; (ii) “Ordinary
                                         Shares” shall mean the Class A Ordinary Shares and Class B ordinary shares,
                                         par value $0.0001 per share (the “Class B Ordinary Shares”);
                                         (iii) “Founder Shares” shall mean the 3,593,750 Class B Ordinary
                                         Shares issued and outstanding (up to 468,750 of which are subject to complete or partial
                                         forfeiture if the over-allotment option is not exercised by the Underwriters); (iv) “Initial
                                         Shareholders” shall mean the Sponsor and any Insider that holds Founder
                                         Shares; (v) “Private Placement Warrants” shall mean the 4,175,000
                                         warrants (or 4,456,250 warrants if the over-allotment option is exercised in full) that
                                         the Sponsor has agreed to purchase for an aggregate purchase price of $4,175,000 (or
                                         $4,456,250 if the over-allotment option is exercised in full), or $1.00 per warrant,
                                         in a private placement that shall occur simultaneously with the consummation of the Public
                                         Offering; (vi) “Public Shareholders” shall mean the holders
                                         of securities issued in the Public Offering; (vii) “Trust Account”
                                         shall mean the trust fund into which a portion of the net proceeds of the Public Offering
                                         and the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer”
                                         shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
                                         pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose
                                         of, directly or indirectly, or establishment or increase of a put equivalent position
                                         or liquidation with respect to or decrease of a call equivalent position within the meaning
                                         of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated
                                         thereunder with respect to, any security, (b) entry into any swap or other arrangement
                                         that transfers to another, in whole or in part, any of the economic consequences of ownership
                                         of any security, whether any such transaction is to be settled by delivery of such securities,
                                         in cash or otherwise, or (c) public announcement of any intention to effect any transaction
                                         specified in clause (a) or (b).

 

		12.	The
                                         Company will maintain an insurance policy or policies providing directors’ and
                                         officers’ liability insurance, and each Director shall be covered by such policy
                                         or policies, in accordance with its or their terms, to the maximum extent of the coverage
                                         available for any of the Company’s directors or officers.

 

		13.	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.

 

		14.	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 parties. 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 Sponsor and each Insider and their respective
                                         successors, heirs and assigns and permitted transferees.

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		15.	Nothing
                                         in this Letter Agreement shall be construed to confer upon, or give to, any person or
                                         corporation other than the parties hereto any right, remedy or claim under or by reason
                                         of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
                                         hereof. All covenants, conditions, stipulations, promises and agreements contained in
                                         this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto
                                         and their successors, heirs, personal representatives and assigns and permitted transferees.

 

		16.	This
                                         Letter 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.

 

		17.	This
                                         Letter 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
                                         Letter 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 Letter Agreement a provision as similar in terms to
                                         such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		18.	This
                                         Letter Agreement shall be governed by and construed and enforced in accordance with the
                                         laws of the State of New York. The parties hereto (i) all agree that any action, proceeding,
                                         claim or dispute arising out of, or relating in any way to, this Letter Agreement shall
                                         be brought and enforced in the courts of New York City, in the State of New York, and
                                         irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall
                                         be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or
                                         that such courts represent an inconvenient forum.

 

		19.	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.

 

		20.	This
                                         Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up
                                         Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement
                                         shall earlier terminate in the event that the Public Offering is not consummated and
                                         closed by December 31, 2021; provided further that paragraph 4 of this Letter Agreement
                                         shall survive such liquidation.

 

[Signature
Page Follows]

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	 	Sincerely,
	 	 	 
	 	ARIES ACQUISITION PARTNERS LTD.
	 	 
	 	By:	/s/ Thane
    Ritchie
	 	 	Name: Thane Ritchie
	 	 	Title: Manager

 

Acknowledged
and Agreed:

 

	ARIES I ACQUISITION CORPORATION	 
	 	 
	By:	/s/
    Randy Brinkley	 
	 	Name: Randy Brinkley	 
	 	Title: Chief Executive Officer	 

 

[Signature
Page to Letter Agreement]Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of May 18, 2021 by and
between Aries I Acquisition Corporation, a Cayman Islands exempted company (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-253806 (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering (the “Offering”)
of the Company’s units (the “Units”), each of which consists of one Class A ordinary share, par
value $0.0001 per share (the “Ordinary Shares”), and one-half of one redeemable warrant, has been declared
effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Wells Fargo
Securities, LLC and Kingswood Capital Markets as representatives (the “Representatives”) of the several
underwriters (the “Underwriters”) named therein; and

 

WHEREAS,
if a Business Combination (as defined below) is not consummated within the initial 12 month period following the closing of the
IPO, the Company may extend such period by two extensions with each extension being three months for up to a maximum of 18 months
in the aggregate, subject to the Company’s sponsor, Aries Acquisition Partners Ltd. (the “Sponsor”)
or its affiliates or permitted designees depositing $937,500 (or $1,078,125 if the underwriters’ over-allotment option is
exercised in full) into the Trust Account no later than the 12 month and the 15 month anniversary of the IPO (each, an “Applicable
Deadline”) for each three month extension (each, an “Extension”), in exchange for which
the Sponsor will receive a non-interest bearing, unsecured promissory note for each Extension that will be repaid only if the
Company completes a Business Combination by the Applicable Deadline;

 

WHEREAS,
as described in the Prospectus, $125,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants
(as defined in the Underwriting Agreement) (or $143,750,000 if the Underwriters’ over-allotment option is exercised in full)
will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
(the “Trust Account”) for the benefit of the Company, the holders of the Ordinary Shares included in
the Units issued in the Offering and the Underwriters as hereinafter provided (the amount to be delivered to the Trustee (and
any interest subsequently earned thereon) is 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, the Company and the Underwriters will be referred to together as the “Beneficiaries”);
and

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $5,625,000, or $6,468,750 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.

 

NOW
THEREFORE, IT IS AGREED:

 

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

 

(a)        Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in 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 solely 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; it being understood that the Trust Account will earn no interest while account funds
are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration;

 

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

 

(e)        Promptly notify the Company and the Representative of all communications received by the Trustee with respect to any Property
requiring action by the Company;

 

(f)         Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with
the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

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

 

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

 

(i)         Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with the terms
of, a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors
of the Company (the “Board”) or other authorized officer of the Company, and, in the case of Exhibit
A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of
taxes payable and, in the case of Exhibit B, up to $100,000 of interest to pay dissolution expenses), only as directed
in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) 12 months
after the closing of the Offering, (2) such later date upon one or more Extensions effectuated pursuant to the terms hereof and
(3) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and
restated memorandum and articles of association if a Termination Letter has not been received by the Trustee prior to such date,
in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account (which
interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), shall be distributed to the
Public Shareholders of record as of such date;

 

(j)         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 (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the
Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered
directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment
to the relevant taxing authority so long as there is no reduction in the principal amount initially deposited in the Trust Account;
provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation,
the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such
distribution (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall
not be payable from the Trust Account). The Tax Payment Withdrawal Instruction of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request;

    2 

     

    

(k)         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 D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute
to the Public Shareholders on behalf of the Company the amount requested by the Company to be used to redeem Ordinary Shares from
Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended
and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to
allow redemption in connection with our initial business combination or to redeem 100% of the Ordinary Shares included in the
Units sold in the Offering (the “Public Shares”) if the Company has not consummated an initial Business
Combination within such time as is described in the Company’s amended and restated memorandum and articles of association
or (B) with respect to any other material provisions relating to shareholders’ rights or pre- initial Business Combination
activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled
to distribute said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(l)          Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k)
above; and

 

(m)       Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E 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, follow the instructions set forth
in the Extension Letter.

 

		2.	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 or Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i), 1(j) and
1(k) hereof, 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 and with reasonable care, 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 Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all documented
expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action
taken by it hereunder and in connection with any 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 interest earned on the Property, except for expenses and losses resulting from the Trustee’s
gross negligence, fraud 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 Section 2(b),
it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
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 such consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)         Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee,
and transaction processing fee 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 unless and until it is distributed to the Company pursuant to Sections
1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration
fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except
as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)         In
connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote
of such shareholders regarding such Business Combination;

    3 

     

    

 

(e)         Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(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)         Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)         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.

 

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

 

(a)         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;

 

(b)        Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no
liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)         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;

 

(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 Trustee’s best judgment, except for the Trustee’s gross negligence, fraud 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, which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with
reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights
of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)
        Verify the accuracy of the information contained in the Registration Statement;

    4 

     

    

(h)        Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;

 

(i)         File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
on the Property;

 

(j)         Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by,
and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
including, but not limited to, tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)        Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), 1(j) or 1(k) hereof.

 

4.           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 2(b) or Section 2(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.

 

		5.	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, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed 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
(90) 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 and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 2(b).

 

		6.	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 confidential information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee shall 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. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall
not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b)         This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. This Agreement
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument. 

    5 

     

    

(c)         This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without
the affirmative vote of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value
$0.0001 per share, of the Company, voting together as a single class; provided that no such amendment will affect any Public
Shareholder who has properly elected to redeem his or her Ordinary Shares in connection with a shareholder vote to amend this
Agreement (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with our initial
business combination or to redeem 100% of its Ordinary Shares if the Company does not complete its initial Business Combination
within the time frame specified in the Company’s amended and restated memorandum and articles of association or (B) with
respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity),
this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error)
by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification to Section
1(i) or 2(f) or Exhibit A may be made without the prior written consent of the Representatives.

 

(d)         The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State
of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING
TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(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 electronic mail:

 

	if
    to the Trustee, to:
	 
	Continental
    Stock Transfer & Trust Company
	1
    State Street, 30th Floor
	New
    York, New York 10004
	Attn:
    Francis Wolf & Celeste Gonzalez
	Email:
    fwolf@continentalstock.com 

    Email: cgonzalez@continentalstock.com
	 
	if
    to the Company, to:
	 

                                                         Aries
                                         I Acquisition Corporation 

                                         23 Lime Tree
                                         Bay, P.O Box 1569 

        Grand
        Cayman, Cayman Islands KY-1110 

	Attn:
                                         Randy Brinkley

        

        Email:
        Randolphbrinkley@icloud.com

         

	in
                                         each case, with copies to:

                                                          

	Winston
                                         & Strawn LLP 

	200
    Park Avenue
	New
    York, New York 10166
	Attn:
                                         David A. Sakowitz, Esq. 

        Email:
        DSakowitz@winston.com

	 
	and
	 
	Ogier

        

        89
        Nexus Way 

        Camana
        Bay, Grand Cayman 

        Cayman Islands, KY1-9009 

        Attn: Michael Robinson

        Email: Michael.Robinson@ogier.com

        

 

    6 

     

    

	
	Wells
        Fargo Securities, LLC

                                                         500
West 33rd Street 

        New
        York, NY 10001

        Attn: Equity Syndicate

        Fax: (212) 214-5918

         

	and
	 
	Proskauer
        Rose LLP

                                                         Eleven Times Square

        

        New
York, New York 10036

        Attn: Steven R. Burwell, Esq. 

        Email:
        SBurwell@proskauer.com

         

(f)          Each of the Company and the Trustee 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. The Trustee acknowledges and agrees that
it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

 

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

 

(h)         This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(i)          Each of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a
third-party beneficiary of this Agreement.

 

(j)          Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other
person or entity.

 

[Signature
Page Follows] 

    7 

     

    

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

 

	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title: Vice President

 

	 	ARIES I ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Randy Brinkley
	 	 	Name: Randy Brinkley
	 	 	Title:   Chief Executive
    Officer

 

[Signature
Page to Investment Management Trust Agreement]

     

     

    

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500.00	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section
    1	 	Billed to Company following disbursement  made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

     

     

    

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust
    Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Aries I Acquisition Corporation (the
 “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of May 18, 2021 (the “Trust Agreement”), this
is to advise you that the Company has entered into an agreement with _____________ (the “Target Business”)
to consummate a business combination with Target Business (the “Business Combination”) on or about [insert
date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date (or such shorter period
as you may agree) of the consummation of the Business Combination (the “Consummation Date”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust
Account, and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on
the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or
accounts that the Company and the Representative, solely with respect to the Deferred Discount, 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)).

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the
 “Notification”), and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive
Officer, Chief Financial Officer, Chief Operating Officer or President, which verifies that the Business Combination has been
approved by a vote of the Company’s shareholders, if a vote is held and (b) a joint written instruction signed by the Company
and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed
to public shareholders who have properly exercised their redemption rights and payment of the Deferred Discount directly to the
account or accounts directed by the Representative from the Trust Account (the “Instruction Letter”).
You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification
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 in writing of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the
Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed
expenses related to liquidating the Trust Account, your obligations under 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 Section 1(c) of the Trust
Agreement on the business day immediately following the Consummation Date as set forth in such notice as soon thereafter as possible.

     

     

    

	 	Very
    truly yours,
	 	 	 
	 	Aries
    I Acquisition Corporation
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

	 	 	 
	Agreed
    and acknowledged by:	 
	 	 	 
	Wells
    Fargo Securities, LLC	 
	 	 	 
	By:	 	 
		Name:	 
		Title:	 

     

     

    

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust
    Account -- Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Aries I Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of May [•], 2021 (the
 “Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination
with a Target Business (the “Business Combination”) 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 the Offering.
Capitalized terms used but not defined herein 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 of the assets in the Trust Account
and to transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution
to the Public Shareholders. The Company has selected___________1 as the effective date for the purpose of determining
when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent
of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public
Shareholders in accordance with the terms of the Trust Agreement and the Memorandum and Articles of Association of the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating
the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in
Section 1(i) of the Trust Agreement.

 

	 	Very
    truly yours,
	 	 
	 	Aries
    I Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc:
    	Wells
    Fargo Securities, LLC	 	 
	 	Kingswood
    Capital Markets	 

 

 

1
12 months from the closing of the Offering, or at a later date, if extended.

 

     

     

    

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust
    Account - Tax Payment Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Aries I Acquisition Corporation (the
 “Company”) and Continental Stock Transfer & Trust Company (the
 “Trustee”), dated as of May 18, 2021 (the “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. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The
Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. 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]

 

	 	Very
    truly yours,
	 	 
	 	Aries
    I Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc:
    	Wells
    Fargo Securities, LLC	 	 
	 	Kingswood
    Capital Markets	 

 

     

     

    

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust
    Account - Shareholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Aries I Acquisition Corporation (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of May 18, 2021 (the
 “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders
of the Company $____________of the principal and interest income earned on the Property as of the date hereof to a segregated account
held by you on behalf of the Beneficiaries for distribution to the Public Shareholders who have requested redemption of their
Ordinary Shares. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the
Company in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and
articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection
with our initial business combination or to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial
Business Combination within such time as is described in the Company’s amended and restated memorandum and articles of association
or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination
activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter.

 

	 	Very
    truly yours,
	 	 
	 	Aries
    I Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc:
    	Wells
    Fargo Securities, LLC	 	 
	 	Kingswood
    Capital Markets	 

 

     

     

    

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf & Celeste Gonzalez

 

		Re:	Trust
Account No. [___] Extension Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Aries I Acquisition Corporation. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of May 18, 2021 (“Trust Agreement”), this is to advise
you that the Company is extending the time available to consummate a Business Combination 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 $937,500 [(or $1,078,125 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 [first/second] of up to two Extension Letters.

 

	 	Very
    truly yours,
	 	 
	 	Aries
    I Acquisition Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc:
    	Wells
    Fargo Securities, LLC	 	 
	 	Kingswood
    Capital Markets

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