Document:

Exhibit
10.5

 

_______
__, 2021

 

Astrea
Acquisition Corp.

55
Ocean Lane Drive, Apt. 3021

Key
Biscayne, FL 33149

 

Gentlemen:

 

Astrea
Acquisition Corp. (“Corporation”), a blank check company formed for the purpose of acquiring one or more businesses
or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended
(“Securities Act”), in connection with its initial public offering (“IPO”).

 

Astrea
Acquisition Sponsor LLC (the “Sponsor”) hereby commits to purchase an aggregate of 430,000 units of the Corporation
(“Initial Placement Units”), each Placement Unit currently intended to consist of one share of common stock, par value
$0.0001 per share (“Common Stock”), of the Corporation, and one-half of one redeemable warrant (“Warrants”),
each whole Warrant entitling the holder to purchase one share of Common Stock, at a purchase price of $10.00 per Initial Placement
Unit, for an aggregate purchase price of $4,300,000 (the “Initial Purchase Price”). Additionally, if the underwriters
in the IPO exercise their over-allotment option in full or in part, the Sponsor further commits to purchase up to an additional
45,000 units (“Additional Placement Units” and together with the Initial Placement Units, the “Placement Units”)
at a purchase price of $10.00 per Additional Placement Unit, for an aggregate additional purchase price of up to $450,000 (the
“Over-Allotment Purchase Price” and together with the Initial Purchase Price, the “Purchase Price”). At
least 24 hours prior to the effective date (“Effective Date”) of the Corporation’s registration statement filed
in connection with the IPO (“Registration Statement”), the Sponsor will cause the full Purchase Price to be delivered
to Graubard Miller, counsel for the Corporation (“Counsel”), by wire transfer as set forth in the instructions attached
as Exhibit A to hold in a non-interest bearing account until the Corporation consummates the IPO.

 

The
consummation of the purchase and issuance of the Initial Placement Units and Additional Placement Units (if any) shall occur simultaneously
with the consummation of the IPO and over-allotment option, respectively. Simultaneously with the consummation of the IPO, Counsel
shall deposit the Initial Purchase Price, without interest or deduction, into the trust account (“Trust Account”)
established by the Corporation for the benefit of the Corporation’s public stockholders as described in the Registration
Statement. Simultaneously with the consummation of all or any part of the over-allotment option, Counsel shall deposit the pro-rata
portion of the Over-Allotment Purchase Price, based upon the amount of the over-allotment option that has been exercised, without
interest or deduction, into the Trust Account. Upon expiration of the over-allotment option, Counsel shall return any unused portion
of the Over-Allotment Purchase Price to the Sponsor. If the Corporation does not complete the IPO within fourteen (14) days from
the Effective Date, the Purchase Price (without interest or deduction) will be returned to the Sponsor.

 

     

     

    

 

Each
of the Corporation and the Sponsor acknowledges and agrees that Counsel is serving hereunder solely as a convenience to the parties
to facilitate the purchase of the Placement Units and Counsel’s sole obligation under this letter agreement is to act with
respect to holding and disbursing the Purchase Price for the Placement Units as described above. Counsel shall not be liable to
the Corporation or the Sponsor or any other person or entity in respect of any act or failure to act hereunder or otherwise in
connection with performing its services hereunder unless Counsel has acted in a manner constituting gross negligence or willful
misconduct. The Corporation and the Sponsor, jointly and severally, shall indemnify Counsel against any claim made against it
(including reasonable attorney’s fees) by reason of it acting or failing to act in connection with this letter agreement
except as a result of its gross negligence or willful misconduct. Counsel may rely and shall be protected in acting or refraining
from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to
have been signed or presented by the proper party or parties.

 

The
Placement Units will be identical to the units sold by the Corporation in the IPO, except that:

 

		●	the
                                         Sponsor agrees to vote the shares of Common Stock included in the Placement Units (the
                                         “Placement Shares”) in favor of any proposed Business Combination;

 

		●	until
                                         such time as the Corporation has completed its initial Business Combination the Sponsor
                                         agrees not to seek conversion rights, or seek to sell such shares in any tender offer,
                                         with respect to any Placement Shares;

 

		●	the
                                         Placement Units and underlying securities will not be transferable until after the completion
                                         of a Business Combination, except (i) to officers, directors, consultants or affiliates
                                         of the Sponsor or the Corporation, (ii) to the Sponsor’s stockholders, partners
                                         or members upon the Sponsor’s liquidation, (iii) by bona fide gift to a member
                                         of the Sponsor’s immediate family or to a trust, the beneficiary of which is a
                                         Sponsor or a member of a Sponsor’s immediate family for estate planning purposes,
                                         (iv) by virtue of the laws of descent and distribution upon death of a Sponsor, (v) pursuant
                                         to a qualified domestic relations order binding on a Sponsor, (vi) to the Corporation
                                         for no value for cancellation in connection with the consummation of a Business Combination
                                         or (vii) by private sales made at or prior to the consummation of a Business Combination
                                         at prices no greater than the price at which the Placement Units were originally purchased;
                                         provided, however, that except for clause (vi) or with the Corporation’s prior
                                         written consent, such permitted transfers may be implemented only upon the respective
                                         transferee’s written agreement to be bound by the terms of the transfer restrictions
                                         herein;

 

		●	the
                                         Placement Units (and underlying securities) will have customary registration rights,
                                         which shall be described in the Registration Statement;

 

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		●	the
                                         Warrants included in the Placement Units (“Placement Warrants”) will not
                                         be redeemable and will be exercisable on a cashless basis so long as they are held by
                                         the Sponsor or its permitted transferees;

 

		●	the
                                         Sponsor will not participate in any liquidation distribution with respect to the Placement
                                         Shares (but will participate in liquidation distributions with respect to any units or
                                         shares of Common Stock purchased by the Sponsor in the IPO or in the open market after
                                         the IPO) if the Corporation fails to consummate a Business Combination; and

 

		●	the
                                         Placement Units will include any additional terms or restrictions as is customary in
                                         other similarly structured blank check company offerings or as may be reasonably required
                                         by the underwriters in the IPO in order to consummate the IPO, each of which will be
                                         set forth in the Registration Statement.

 

The
Sponsor hereby represents and warrants that:

 

		(a)	it
                                         has been advised that the Placement Units have not been registered under the Securities
                                         Act;

 

		(b)	it
                                         is acquiring the Placement Units and underlying securities for its account for investment
                                         purposes only;

 

		(c)	it
                                         has no present intention of selling or otherwise disposing of the Placement Units (or
                                         underlying securities) in violation of the securities laws of the United States;

 

		(d)	it
                                         is an “accredited investor” as defined by Rule 501 of Regulation D promulgated
                                         under the Securities Act of 1933, as amended;

 

		(e)	it
                                         has had both the opportunity to ask questions and receive answers from the officers and
                                         directors of the Corporation and all persons acting on its behalf concerning the terms
                                         and conditions of the offer made hereunder;

 

		(f)	it
                                         is familiar with the proposed business, management, financial condition and affairs of
                                         the Corporation;

 

		(g)	it
                                         has full power, authority and legal capacity to execute and deliver this letter and any
                                         documents contemplated herein or needed to consummate the transactions contemplated in
                                         this letter; and

 

		(h)	this
                                         letter constitutes the legal, valid and binding obligation of the Sponsor and is enforceable
                                         against it.

 

 

Remainder
of this Page Intentionally Left Blank

 

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	 	Very truly yours,
	 	 	 
	 	ASTREA ACQUISITION SPONSOR LLC
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Accepted
and Agreed:

 

ASTREA
ACQUISITION CORP.

	 	 	 	 
	By:	 	 
	 	Name:	Felipe Gonzalez	 
	 	Title:	Chief Executive Officer	 

 

 

Graubard
miller

(solely
with respect to its obligations to hold

and
disburse monies for the Placement Units)

  

	By:		 
	 	Name:	 
	 	Title:	 

 

    4Exhibit 10.6

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of [●], 2021 (“Agreement”), by and among Astrea Acquisition Corp., a Delaware corporation (“Company”),
the stockholder of the Company listed on Exhibit A hereto (the “Sponsor”) and Continental Stock Transfer & Trust
Company, a New York limited purpose trust company (“Escrow Agent”).

 

WHEREAS, the Company
was formed for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Sponsor
purchased an aggregate of 4,312,500 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”)
in a private placement;

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated [●], 2021 (“Underwriting Agreement”), with EarlyBirdCapital,
Inc. (the “Representative”) acting as representative of the several
underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed
to purchase 15,000,000 units (“Units”) of the Company, plus up to an additional 2,250,000 Units if the Representative
exercises the over-allotment option in full. Each Unit consists of one share of Common Stock and one-half of one warrant (“Warrant”),
each whole Warrant to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus,
dated [●], 2021 (“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File
No. 333-252010) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [●],
2021 (“Effective Date”).

 

WHEREAS, the Sponsor
has agreed as a condition of the sale of the Units to deposit its shares of Common Stock of the Company in escrow as hereinafter
provided.

 

WHEREAS, the Company
and the Sponsor desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Sponsor hereby appoint the Escrow Agent to act in accordance with and subject to the terms
of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such
terms.

 

2. Deposit
of Shares. On or before the Effective Date, the Sponsor’s shares of Common Stock set forth on Exhibit A hereto shall
be deposited in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. The Sponsor acknowledges
that the shares deposited in escrow will be legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 If the over-allotment
option to purchase all or a portion of the additional 2,250,000 Units of the Company is not exercised in full within 45 days of
the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees that the Escrow Agent shall return
to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 562,500 by a fraction,
(i) the numerator of which is 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters
upon the exercise of the over-allotment option, and (ii) the denominator of which is 2,250,000. The Company shall promptly provide
notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased
by the Underwriters in connection with the exercise thereof.

 

     

     

    

 

3.2 Except as otherwise
set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1 above
(such remaining shares to be referred to herein as the “Escrow Shares”) until the earlier of (i) the six-month anniversary
of the date of the consummation of the Company’s initial Business Combination and (ii) the date on which the closing price
of the Common Stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within a 30-trading day period following 150 days after the consummation of the initial Business Combination,
or earlier if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock exchange or
other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of
Common Stock for cash, securities or other property (such period of time during which the Escrow Shares are held in escrow, the
“Escrow Period”). Upon the achievement of any of the conditions set forth above, the Company shall promptly provide
notice to the Escrow Agent, in form reasonably acceptable to the Escrow Agent. Upon completion of the Escrow Period, the Escrow
Agent shall disburse such amount of each Sponsor’s Escrow Shares to the Sponsor. The Escrow Agent shall have no further duties
hereunder after the disbursement of the Escrow Shares in accordance with this Section 3.2.

 

3.3 Notwithstanding
the provisions of Section 3.2, if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company’s
Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the
Company and the Escrow Agent as trustee thereunder) is being liquidated, then the Escrow Agent shall deliver the certificates representing
the Escrow Shares to the Sponsor promptly after the public stockholders are paid the liquidating distributions and shall have no
further duties hereunder.

 

4. Rights of
Sponsor in Escrow Shares.

 

4.1 Voting Rights
as a Stockholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided,
the Sponsor shall retain all of its rights as a stockholder of the Company as long as any shares are held in escrow pursuant to
this Agreement, including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Sponsor, but all dividends payable in stock
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to officers, directors,
consultants or affiliates of the Sponsor or the Company, (ii) to the Sponsor’s stockholders, partners or members upon the
Sponsor’s liquidation, (iii) by bona fide gift to a member of the Sponsor’s immediate family or to a trust, the beneficiary
of which is a Sponsor or a member of a Sponsor’s immediate family for estate planning purposes, (iv) by virtue of the laws
of descent and distribution upon death of a Sponsor, (v) pursuant to a qualified domestic relations order binding on a Sponsor,
(vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii) by private
sales of the Escrow Shares made at or prior to the consummation of a Business Combination at prices no greater than the price at
which the Escrow Shares were originally purchased; provided, however, that except for clause (vi) or with the Company’s prior
written consent, such permitted transfers may be implemented only upon the respective transferee’s written agreement to be
bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Sponsor transferring the shares.

 

4.4 Insider Letter.
The Sponsor has executed a letter agreement with the Company and the Representative, dated as of the date hereto, the form of which
is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of the
Sponsor in certain events, including, but not limited to, the liquidation of the Company.

 

5. Concerning
the Escrow Agent.

 

5.1 Good Faith
Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

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5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the
gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Sponsor shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved
by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with
any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which approval will
not be unreasonably withheld, conditioned or delayed.

 

5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or willful misconduct.

 

5.8 Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

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6. Miscellaneous.

 

6.1 Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough
of Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

6.2 Third Party
Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary
of this Agreement.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.

 

6.4 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

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

 

If to the Company, to:

 

Astrea Acquisition Corp.

55 Ocean Lane Drive, Apt. 3021

Key Biscayne, FL 33149

Attn: Felipe Gonzalez

E-mail: fgonzalez@strongrockcap.com

 

If to the Sponsor, to
its address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th
Floor

New York, New York
10004

Attn: Client Administration
Dept.

Email: accountadmin@continentalstock.com

 

A copy of any notice
sent hereunder shall be sent to:

 

EarlyBirdCapital,
Inc.

366 Madison
Ave 8th Floor

New York, NY
10017

Attn: Steven
Levine

Email: slevine@ebccap.com

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.
/ Jeffrey M. Gallant, Esq.

Email: dmiller@graubard.com /
jgallant@graubard.com

 

    4

     

    

 

and:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Douglas S. Ellenoff, Esq. / Stuart Neuhauser,
Esq.

E-mail: dellenoff@egsllp.com / sneuhauser@egsllp.com

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7 Liquidation
of the Trust Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

 

 

[Signature Page Follows]

 

    5

     

    

 

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

 

	 	ASTREA ACQUISITION CORP. 
	 	 
	 	By:	 
	 	Name:	Felipe Gonzalez
	 	Title:	Chief Executive Officer

 

 

	 	
        CONTINENTAL STOCK TRANSFER &
TRUST COMPANY

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	SPONSOR:
	 	 	 
	 	ASTREA ACQUISITION SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

[Signature Page to Stock Escrow Agreement]

 

    6

     

    

 

EXHIBIT A

 

	Name and Address of Sponsor	 	Number of Shares	 
	Astrea Acquisition Sponsor LLC 
c/o Astrea Acquisition Corp. 
55 Ocean Lane Drive, Apt. 3021 
Key Biscayne, FL 33149	 	 	4,312,500	 
	 	 	 	 	 
	TOTAL	 	 	4,312,500	 

 

    A-1

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