Document:

Exhibit 10.1

    

    

    COMMITMENT INCREASE AND ASSIGNMENT AGREEMENT, dated as of November 10, 2021 (this “Agreement”), by and among:

    

    

    (1)         STAR MOUNTAIN LOWER MIDDLE-MARKET CAPITAL CORP., a Delaware corporation (together with its successors and assigns in such capacity, the “Borrower”);

    

    

    
      (2)         EACH OF THE EXISTING LENDER AND NEW LENDERS PARTY HERETO (as defined herein);

    

    and

    

    

    
      (3)         STERLING NATIONAL BANK, as the Agent (as defined herein);

    

     

    

    Borrower, Sterling National Bank, as the collateral agent and administrative agent (in such capacities, the “Agent”) and the lender party thereto as of the date hereof (the “Existing Lender”)

      are party to that certain Loan and Servicing Agreement, dated as of July 2, 2021 (as amended, amended and restated, modified, waived, supplemented or restated from time to time, the “Loan and Servicing Agreement”). Capitalized terms
      used and not defined herein shall have the meanings assigned to such terms in the Loan and Servicing Agreement.

    

    

    In accordance with Section 2.18(a) of the Loan and Servicing Agreement, Borrower has proposed a Commitment Increase in an amount equal to $5,000,000 (the “Proposed Commitment Increase”).

    

    

    The lenders listed on the signature pages attached hereto as “New Lenders” (the “New Lenders”) desire to become parties to the Loan and Servicing Agreement.

     

    

    The Existing Lender desires to assign a portion of its Commitment to the New Lenders.

    

    

    Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto
      agree as follows:

    

    

    SECTION 1.          Assignment and Assumption.

     

     

    

    (a)         For an agreed consideration, the Existing Lender hereby irrevocably sells and assigns to each New Lender and each New Lender hereby irrevocably purchases and assumes from the Existing
      Lender, subject to and in accordance with the Loan and Servicing Agreement, as of the date hereof (i) all of the Existing Lender’s rights and obligations in its capacity as a Lender under the Loan and Servicing Agreement and any other documents or
      instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Existing Lender under the Loan and Servicing Agreement and (ii) to the extent
      permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Existing Lender (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Loan and
      Servicing Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims,
      malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Existing Lender to each New Lender
      pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).

     

    

  

  
    
      
        

    

    Assigned Interests (prior to giving effect to the Commitment Increase in Section 2):

    

    

    	
             

             

             

            Assignor/Existing 

            Lender

          	
             

             

             

            Assignee/New 

            Lender

          	 	
            Aggregate Amount of Commitment/ Advances for all Lenders

          	 	 	
            Amount of Commitment/ Advances Assigned

          	 	 	
            Percentage Assigned of Commitment/ Advances

          	 
	
            Sterling National Bank

          	
            Investors Bank

          	 	
            $

          	
            50,000,000

          	 	 	
            $

          	
            7,500,000

          	 	 	 	
            15.00

          	
            %

          
	
            Sterling National Bank

          	
            Blue Ridge Bank

          	 	
            $

          	
            50,000,000

          	 	 	
            $

          	
            7,500,000

          	 	 	 	
            15.00

          	
            %

          

    

    

    (b)           Existing Lender (i) represents and warrants to each New Lender that (1) it is the legal and beneficial owner of the relevant Assigned Interest, and (2) such Assigned Interest is free
      and clear of any lien, encumbrance or other adverse claim consented to by Existing Lender; and (ii) assumes no responsibility with respect to (1) any statements, warranties or representations made in or in connection with the Loan and Servicing
      Agreement or any other Transaction Document, (2) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Transaction Documents or any collateral thereunder, (3) the financial condition of the Borrower or any other
      Person obligated in respect of any Transaction Document, or (4) the performance or observance by the Borrower or any other Person of any of their respective obligations under any Transaction Document.

    

    

    (c)          Each New Lender confirms to and agrees with the Agent and the other Lender(s) as follows: (i) none of the Agent and the other Lender(s) makes any representation or warranty or assumes
      any responsibility with respect to any statements, warranties or representations made in or in connection with the Loan and Servicing Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan and
      Servicing Agreement or any other instrument or document furnished pursuant thereto, or the Collateral or the financial condition of the Borrower, or the performance or observance by the Borrower of any of their respective obligations under the Loan
      and Servicing Agreement, any other Transaction Document or any other instrument or document furnished pursuant thereto; (ii) each New Lender confirms that it has received a copy of such documents and information as it has deemed appropriate to make
      its own credit analysis and decision to enter into this Agreement; (iii) each New Lender will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time,
      continue to make its own credit decisions in taking or not taking action under the Loan and Servicing Agreement; (iv) each New Lender appoints and authorizes the Agent and the Collateral Custodian, as applicable, to take such action as agent on its
      behalf and to exercise such powers under the Loan and Servicing Agreement as are delegated to the Agent and the Collateral Custodian, as applicable, by the terms thereof, together with such powers as are reasonably incidental thereto, all in
      accordance with the Loan and Servicing Agreement; (v) the representations and warranties set forth in Section 4.03 of the Loan and Servicing Agreement as to each New Lender is true and correct; and (vi) each New Lender agrees (for the benefit of the
      parties hereto and the other Lender(s)) that it will perform in accordance with their terms all of the obligations which by the terms of the Loan and Servicing Agreement are required to be performed by it as a Lender.

     

    

  

  
    
      
        

    

    (d)           In addition, each New Lender certifies that (i) it is an Eligible Assignee and has such knowledge and experience in financial and business matters that it is capable of evaluating the
      merits and risks of such investments, (ii) it has had the opportunity to ask questions of and receive answers from the Borrower concerning the such purchase and all matters relating thereto or any additional information deemed necessary to its
      decision to make such purchase, (iii) it is acquiring such Commitment and/or a portion of the Advances for investment for its own account and not with a view to any distribution (but without prejudice to its right at all times to sell or otherwise
      dispose of such Commitment and/or a portion of the Advances in accordance with clause (v) below), (iv) it has not offered or sold such Commitment and/or a portion of the Advances to, or solicited offers to buy such Commitment and/or a portion of the
      Advances from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Securities Act (to the extent applicable), (v) it will not sell,
      transfer or otherwise dispose of such Commitment and/or a portion of the Advances unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Securities Act or is exempt from such registration
      requirements, (2) the purchaser or transferee thereof has executed and delivered to you a certificate to substantially the same effect as this section, and (3) the purchaser or transferee has otherwise complied with any conditions for transfer set
      forth in the Loan and Servicing Agreement, (vi) it is not acquiring such Commitment and/or a portion of the Advances, directly or indirectly, for or on behalf of an employee benefit plan or other retirement arrangement subject to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any entity, the assets of which would be deemed plan assets under Section 3(42) of ERISA and the
      Department of Labor regulations set forth at 29 C.F.R. §2510.3–101; unless Prohibited Transaction Class Exemption (“PTCE”) 84–14, PTCE 90–1, PTCE 91–38, PTCE 95–60 or PTCE 92–23 or some other applicable prohibited transaction exemption is applicable
      such that the acquisition and holding of such Commitment and/or a portion of the Advances will not constitute or result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code and (g) it is a U.S. Person, as such
      term is defined in Section 7701(a)(30) of the Code.

    

    

    (e)           From and after the Effective Date, the Agent shall make all payments in respect of each Assigned Interest (including payments of principal, interest, fees and other amounts) to the
      Existing Lender for amounts which have accrued to but excluding the date hereof and to the relevant New Lender for amounts which have accrued from and after the date hereof.

    

    

    (f)            This Agreement shall be deemed a Joinder Supplement and a Transferee Letter under the Loan and Servicing Agreement.

    

    

    
      SECTION 2.          Commitment Increase; Reallocations.

    

    

    

    (a)           Pursuant to Section 2.18(a) of the Loan and Servicing Agreement and subject to the terms and conditions hereof, effective as of the date hereof, (i) each of the Borrower, the Existing
      Lender and the Agent agree to a Commitment Increase of $5,000,000, such that the Aggregate Commitments shall be increased to $55,000,000, and (ii) the Existing Lender agrees to be an Increasing Lender and increase its Commitment by $5,000,000 such
      that its Commitment (after giving effect to the assignments in Section 1) shall be $40,000,000. The Commitment Increase Date shall be the date hereof.

    

    

    (b)           On the date hereof, after giving effect to the assignments set forth in Section 1 and the Commitment Increase set forth in this Section 2, the New Lenders shall each make a payment to
      the Agent for the account of the Existing Lender, in an amount calculated by the Agent, so that after giving effect to such payment by the New Lenders and to the distribution thereof to the Existing Lenders, the Advances are held ratably by the
      Lenders in accordance with the respective Commitments of such Lenders.

    

  

  
    
      
        

    

    (c)         The Agent hereby acknowledges that it has received notice pursuant to Section 2.18(a) of the Loan and Servicing Agreement within the time period required thereunder. The
      Administrative Agent hereby consents to the Commitment Increase amounts set forth on Schedule 1.01(a) hereto.

    

    

    (d)          After giving effect to the assignments set forth in Section 1 and the Commitment Increase set forth in this Section 2, Schedule 1.01(a) to the Loan and Servicing Agreement shall
      be amended and restated as set forth on Schedule 1.01(a) attached hereto

     

    

    SECTION 3.        Conditions Precedent. This Agreement, the assignments set forth in Section 1 and the Commitment Increase set forth in Section 2, and the obligations of the Lenders hereunder
      shall become effective on and as of the date hereof upon satisfaction of the following conditions precedent, as determined in the sole discretion of, or waived by, the Administrative Agent:

    

    

    (a)           counterparts of this Agreement shall have been duly executed by, and delivered to, the parties hereto and thereto, each in form and substance reasonably satisfactory to the Agent;

     

    

    (b)          each of the conditions set forth or referred to in Section 2.18(a) of the Loan and Servicing Agreement shall be satisfied, and pursuant to Section 2.18(a)(vii) of the Loan and Servicing
      Agreement, the Agent shall have received a certificate of the Borrower stating that each of the applicable conditions to the Commitment Increase set forth in Section 2.18 of the Loan and Servicing Agreement has been satisfied;

    

    

    (c)            the Agent shall have received all fees due pursuant to Administrative Agent Fee

    Letter; and

    

    

    (d)           all reasonable and documented up-front expenses and fees (including the reasonable and documented legal fees of outside counsel, any fees required under the Fee Letters) that have been
      invoiced shall have been paid in full.

    

    

    SECTION 4.          Representations and Warranties of the Borrower.The Borrower hereby represents and warrants that:

    

    

    (a)          The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, with all requisite corporate power and authority necessary to
      own and service the Loan Assets and the Collateral and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement.

    

    

    (b)         The Borrower (i) has the power, authority and legal right to (x) execute and deliver this Agreement; and (y) perform and carry out the terms of this Agreement and the Loan and Servicing
      Agreement as supplemented by this Agreement and the transactions contemplated thereby, and (ii) has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the Loan and Servicing Agreement as supplemented
      by this Agreement.

     

    

  

  
    
      
        

    

    (c)           This Agreement has been duly executed and delivered by the Borrower and this Agreement and the Loan and Servicing Agreement as supplemented by this Agreement constitute the legal, valid
      and binding obligation of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as the enforceability hereof and thereof may be limited by Bankruptcy Laws and by general principles of equity.

    

    

    (d)          No consent of any other party and no consent, license, approval or authorization of, or registration or declaration with, any Governmental Authority, bureau or agency is required in
      connection with the execution, delivery or performance by the Borrower of this Agreement or the Loan and Servicing Agreement as supplemented by this Agreement or the validity or enforceability of this Agreement or the Loan and Servicing Agreement as
      supplemented by this Agreement, other than such as have been met or obtained and are in full force and effect, in each case, other than those consents, approvals, registrations, filings or actions the failure of which to obtain or make could not
      reasonably be expected to materially impact the rights and remedies of the Collateral Agent, the Administrative Agent, any Lender and the Secured Parties with respect to matters arising under this Agreement or any other Transaction Document or the
      ability of any of the Borrower to perform its obligations under this Agreement or any other Transaction Document to which it is a party.

    

    

    (e)        The execution, delivery and performance of this Agreement, the Loan and Servicing Agreement as supplemented by this Agreement, and all other agreements and instruments executed and
      delivered or to be executed and delivered pursuant hereto or thereto will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the
      Borrower’s certificate of formation or the Operating Agreement, (ii) result in the creation or imposition of any Lien on the Collateral other than Permitted Liens, (iii) violate any Applicable Law in any material respect, or (iv) violate any contract
      or other agreement to which the Borrower is a party or by which the Borrower or any property or assets of the Borrower may be bound.

    

    

    (f)         There is no litigation, proceeding or investigation pending or, to the knowledge of the Borrower, threatened in writing against the Borrower or any properties of the Borrower, before any
      Governmental Authority (i) asserting the invalidity of this Agreement or the Loan and Servicing Agreement as supplemented by this Agreement, or (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any
      other Transaction Document to which the Borrower is a party.

    

    

    (g)         No Unmatured Event of Default or Event of Default shall have occurred and be continuing on the date hereof or shall result from the transactions contemplated hereby;

    

    

    (h)          The representations and warranties contained in this Agreement and the other Transaction Documents are true and correct in all material respects (other than any representation or
      warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date hereof as if made on and as of such date (or, if any such representation or warranty is expressly stated to
      have been made as of a specific date, as of such specific date);

    

    

    

  

  
    
      
        

    

    
      SECTION 5.          Consent and Reaffirmation.

    

     

    

    (a)          (x) The Borrower (i) agrees that, the Loan and Servicing Agreement and each other Transaction Document continue to be in full force and effect and all of the covenants and agreements and
      other provisions contained in the Loan and Servicing Agreement (as supplemented hereby) and each other Transaction Document are hereby ratified and confirmed in all respects and shall remain in full force and effect in accordance with their terms
      from and after the date hereof, (ii) acknowledges that the term “Obligations” include any and all Advances made now or in the future in respect of the Commitment Increase and all interest and other amounts owing in respect thereof under the
      Transaction Documents, and (iii) confirms and ratifies its collateral assignment and pledge to the Collateral Agent, on behalf of the Secured Parties, and grant of a security interest to the Collateral Agent, on behalf of the Secured Parties, in all
      of the Borrower’s right, title and interest in, to and under (but none of the obligations under) all of the Collateral, whether now existing or hereafter arising or acquired by the Borrower, and wherever the same may be located, to secure the prompt
      and complete payment in full when due, whether at stated maturity, by lapse of time, acceleration or otherwise, of the Obligations (as supplemented hereby) due or to become due, direct or indirect, or absolute or contingent, and the performance by
      the Borrower of all of the covenants and obligations to be performed by it pursuant to the Loan and Servicing Agreement and each other Transaction Document, whether now or hereafter existing, all as provided in the Transaction Documents as originally
      executed (and supplemented hereby).

    

    

    (b)          On the Effective Date, each reference in the Loan and Servicing Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to
      the Loan and Servicing Agreement as modified by this Agreement and each reference in any other Transaction Document shall mean the Loan and Servicing Agreement as modified hereby.

    

    

    (c)           This Agreement is a Transaction Document under the Loan and Servicing

    Agreement.

     

    

    SECTION 6.         Expenses. Pursuant to Section 10.07 of the Loan and Servicing Agreement, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses
      (including reasonable and documented outside counsel fees and expenses) of the Agent in connection with the preparation, execution, delivery, and administration of this Agreement and the other documents entered into in connection herewith.

    

    

    SECTION 7.         Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be
      deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail in portable document format (.pdf) or facsimile shall be
      effective as delivery of a manually executed counterpart of this Agreement.

    

    

    SECTION 8.      GOVERNING LAW; JURY WAIVER. THIS AGREEMENT SHALL, IN
        ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
        JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

    

    

    SECTION 9.         Headings. The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof.

    

    

    [Remainder of page intentionally left blank]

    

  

  
    
      
        

    

    IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

    

    

    THE BORROWER:

    

    

    STAR MOUNTAIN LOWER MIDDLE-MARKET CAPITAL CORP.

    

      	By:

            	/s/	
               Brett Hickey

            	 
	
              
                Name:

              

            	 	
              Brett Hickey

            	 
	
              Title:

            	 	
              Authorized Signatory

            	 

    

    

    

    [SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

    

    

    [Signature Page to

    Commitment Increase and Assignment Agreement]

     

    

    
      
        

    

    
      THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT:

      

      

      STERLING NATIONAL BANK

      

      

    

    
      
        	By:	/s/  	Andrew Shuster	 
	
                Name:

              	

              	Andrew Shuster	 
	
                Title:

              	

              	Managing Director	 

      

      

      

      [SIGNATURES CONTINUE ON THE

          FOLLOWING PAGE]

       

        

      
        [Signature Page to

        Commitment Increase and Assignment Agreement]

         

        

      

    

    
      
        

    

    EXISTING LENDER:

    

    

    
      STERLING NATIONAL BANK

    

    

      

     

    
      	By:	/s/	Andrew Shuster	
               

            
	
              Name: 

            	 	Andrew Shuster	
               

            
	
              Title:

            	 	Managing Director	
               

            

       

     

      

  

  
    [Signature Page to

    Commitment Increase and Assignment Agreement]

  

  

   
  
    
      
        

    

    NEW LENDER:

    

    

    INVESTORS BANK

              

          

    
      	By:	/s/	Kenneth L. Waiters	
               

            
	Name:	 	Kenneth L. Waiters

            	
               

            
	Title:	 	Senior Vice President

            	
               

            

       

    

    

    
      [Signature Page to

      Commitment Increase and Assignment Agreement]

       

      

    

    
      
        

    

    NEW LENDER:

    

    

    BLUE RIDGE BANK

    

     

    

    
      	By:

            	/s/	
              Andrea Stover

              

            	
               

            
	Name:

            	 	
              Andrea Stover

              

            	
               

            
	Title:

            	 	Senior Vice President

            	
               

            

    

    

    

    [Signature Page to

    Commitment Increase and Assignment Agreement]

    

    

    
      
        

    

    SCHEDULE 1.01(a)

    Commitments

    

    

    	
            Lender

          	 	
            Commitment

          	 	 	
            Percentage

          	 
	
            Sterling National Bank

          	 	
            $

          	
            40,000,000

          	 	 	 	
            72.72727273

          	
            %

          
	
            Blue Ridge Bank

          	 	
            $

          	
            7,500,000

          	 	 	 	
            13.63636364

          	
            %

          
	
            Investors Bank

          	 	
            $

          	
            7,500,000

          	 	 	 	
            13.63636364

          	
            %

          
	
            TOTAL

          	 	
            $

          	
            55,000,000EX-10.2

 Exhibit 10.2 

[_________], 2021 
 Vahanna Tech Edge
Acquisition I Corp. 
 1230 Avenue of the Americas, 16th Floor 

New York, New York 10020 
 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 Vahanna Tech Edge Acquisition I Corp., a
British Virgin Islands business company (the “Company”), and Mizuho Securities USA LLC, as the 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 17,250,000 of the
Company’s units (including up to 2,250,000 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-half 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 Global 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 Vahanna LLC
(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 15 months (or up to 21 months if such date is extended as described in the Prospectus) 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 British

	 	
Virgin 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 its 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, (b) a shareholder vote to approve an amendment to the Charter (A) to modify the substance or timing of the Company’s obligation 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 (c) a tender offer made by the Company to purchase Offering Shares prior to the consummation of a Business Combination (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 Insiders and the Sponsor 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 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,

  
 2 

	 	
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. 

 

	 	5.	 To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional
2,250,000 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 562,500 multiplied by a fraction, (i) the numerator of which is 2,250,000 minus the number of Units purchased by the Underwriters upon the exercise of their
over-allotment option, and (ii) the denominator of which is 2,250,000. 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 2,250,000 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 562,500 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.	 (a) The Company’s officers and directors each hereby agree not to participate in the formation of, or
become an officer or director of, any other special purpose acquisition company with a class of securities registered under the Exchange Act until the Company has entered into a definitive agreement regarding a Business Combination or the Company
has failed to complete a Business Combination within the time period set forth in the Charter. 

 (b) 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), and 7(b),
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. 

  
 3 

	 	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”). 

 (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 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; (b) in the case
of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization;
(c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (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 an initial Business Combination at prices no greater than the price at which the applicable securities were originally purchased;
(f) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the British Virgin Islands or the Sponsor’s limited liability company agreement upon
dissolution of the Sponsor; (h) to the Representative solely in connection with the transfer of 225,000 Founder Shares at the closing of the Public Offering; or (i) in the event of the Company’s liquidation, merger, share exchange or
other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property subsequent to the Company’s completion of an initial
Business Combination; provided, however, that in the case of clauses (a) through (e), (g) or (h), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions
herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions). 
  

	 	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. 

  
 4 

	 	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; payments to the Sponsor for certain office space, secretarial and administrative
services as may be reasonably required by the Company 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. 

 

	 	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 4,312,500 Class B Ordinary Shares issued and outstanding
(up to 562,500 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 8,050,000 warrants (or 8,950,000 warrants if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of
$8,050,000 (or $8,950,000 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. 

  
 5 

	 	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. 

  

	 	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. The words “execution,” “signed,” “signature,” and words of like
import in this Agreement or in any other certificate, agreement or document related to this Agreement, if any, shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,
“pdf,” “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or
other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

  

	 	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. 

  
 6 

	 	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. 

  

	 	21.	 The Company, the Sponsor and each Insider hereby acknowledges and agrees that the Representative on behalf of
the Underwriters is a third party beneficiary of this Letter Agreement. 

 [Signature Page Follows] 

  
 7 

  

			
	Sincerely,
	
	Vahanna LLC
		
	By:	 	  

		 	Name: Vinode Ramgopal
		 	Title: Manager
		
	By:	 	  

		 	Name: Karan Puri
		
	By:	 	  

		 	Name: Raahim Don
		
	By:	 	  

		 	Name: Saurav Adhikari
		
	By:	 	  

		 	Name: Ajay Shah
		
	By:	 	  

		 	Name: Diane B. Glossman
		
	By:	 	  

		 	Name: Abha Kumar
		
	By:	 	  

		 	Name: Rangarajan Sundaram

  

			
	Acknowledged and Agreed:
	
	VAHANNA TECH EDGE ACQUISITION I CORP.
		
	By:	 	  

		 	Name: Karan Puri
		 	Title: Chief Executive Officer

  
 [Signature Page to
Letter Agreement]

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