Document:

Exhibit 10.5

 

PRIVATE
PLACEMENT UNIT SUBSCRIPTION AGREEMENT

 

This PRIVATE PLACEMENT UNIT
SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the 9th day of August 2021, by and between Abri SPAC I, Inc., a Delaware
corporation (the “Company”), and Abri Ventures I , LLC, a Delaware limited liability company (the “Subscriber”).

 

WHEREAS, the Company desires
to sell to the Subscriber on a private placement basis (the “Offering”) an aggregate of 276,250 units (or up to 295,000 units
if the over-allotment option in connection with the IPO (as defined below) is exercised in full) (the “Units”) of the Company,
each Unit comprised of one share of common stock of the Company, par value $0.0001 per share (“Common Stock”) and one warrant,
each warrant exercisable to purchase one share of Common Stock (“Warrant”), for a purchase price of $10.00 per Unit. The shares
of Common Stock underlying the Warrants are hereinafter referred to as the “Warrant Shares”. The shares of Common Stock underlying
the Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement Shares.” The Warrants underlying the
Units are hereinafter referred to as the “Placement Warrants.” The Units, Placement Shares, Placement Warrants and
Warrant Shares, collectively, are hereinafter referred to as the “Securities.” Each Placement Warrant is exercisable to purchase
one share of Common Stock at an exercise price of $11.50 during the period commencing on the later of (i) twelve (12) months from the
date of the closing of the Company’s initial public offering of units (the “IPO”) and (ii) the consummation of the Company’s
initial business combination (the “Business Combination”), as such term is defined in the registration statement in connection
with the IPO, as amended at the time it becomes effective (the “Registration Statement”), and expiring on the fifth anniversary
of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber wishes
to purchase 276,250 Units (or up to 295,000 Units if the over-allotment option in connection with the IPO is exercised in full), and the
Company wishes to accept such subscription from Subscriber.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:

 

1. Agreement to Subscribe

 

1.1. Purchase
and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase
from the Company, and the Company hereby agrees to sell to the Subscriber, on the Initial Closing Date (as defined below) 276,250 Units
in consideration of the payment of the Purchase Price (as defined below). On the Initial Closing Date, the Company shall, at its option,
deliver to the Subscriber the certificates representing the Securities purchased or effect such delivery in book-entry form.

 

1.2. Purchase
Price. The Subscriber shall pay $2,762,500 (the “Purchase Price”) by wire transfer of immediately available funds or by
such other method as may be reasonably acceptable to the Company, to the trust account (the “Trust Account”)
at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee,
at least one (1) business day prior to the date of effectiveness of the Registration Statement.

 

1.3. Initial
Closing. The closing of the purchase and sale of 276,500 Units shall take place simultaneously with the closing of the IPO (the “Initial
Closing Date”). The closing of such Units shall take place at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, New
York 10154, or such other place as may be agreed upon by the parties hereto.

 

1.4. Purchase
and Issuance of Additional Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to
purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Over-allotment Closing Date (as defined below)
up to an aggregate of 18,750 Units in consideration of the payments of the Over-allotment Purchase Price (as defined below) and in the
same proportion as the amount of the over-allotment option in connection with the IPO is exercised. On the Over-allotment Closing Date,
the Company shall, at its option, deliver to the Subscriber the certificates representing the Securities purchased or effect such delivery
in book-entry form.

 

     

     

    

 

1.5. Purchase
Price. The Subscriber shall pay up to $187,500 (if the over-allotment option in connection with the IPO is exercised in full) (the
“Over-allotment Purchase Price”) by wire transfer of immediately available funds or by such other method as may be reasonably
acceptable to the Company, to the Trust Account on the date of the consummation of the closing of the over-allotment option, and concurrently
with the consummation thereof, or on such earlier time and date as may be mutually agreed by the Company and the Subscriber (each such
date, an “Over-allotment Closing Date”; together with the Initial Closing Date, the “Closing Dates” and each,
a “Closing Date”).

 

1.6. Over-Allotment
Closing. The Over-allotment Closing Date shall take place at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, New York
10154, or such other place as may be agreed upon by the parties hereto.

 

1.7. Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not occur prior
to December 31, 2021.

 

2. Representations and Warranties of Subscriber

 

Subscriber represents and warrants to the Company
that:

 

2.1. No Government
Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement
of the Company or the Offering of the Securities.

 

2.2. Accredited
Investor. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby
is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the Securities
Act and similar exemptions under state law.

  

2.3. Intent.
Subscriber is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account or
benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”) to be entered
into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration Statement), and
not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to or through any person
or entity except as may be permitted under the Insider Letter. Subscriber shall not engage in hedging transactions with regard to the
Securities unless in compliance with the Securities Act.

 

2.4. Restrictions
on Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering
in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act and, if
in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold,
pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant
to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant to any other
available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable securities
laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges and understands the Securities are
subject to transfer restrictions as described in Section 8 hereof. Subscriber agrees that if any transfer of its Securities
or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to
the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent registration or another available
exemption from registration, Subscriber agrees it will not resell the Securities (unless otherwise permitted pursuant to the Insider Letter,
as described in the Registration Statement). Subscriber further acknowledges that because the Company is a shell company, Rule 144 may
not be available to Subscriber for the resale of the Securities until the one year anniversary following consummation of the initial Business
Combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

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2.5. Sophisticated
Investor.

 

(i) Subscriber
is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

(ii) Subscriber
is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things, the
Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot be sold unless
subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is able to bear the economic
risk of its investment in the Securities for an indefinite period of time.

 

2.6. Independent
Investigation. Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the Company
and has not relied upon any information or representations made by any third parties or upon any oral or written representations or assurances
from the Company, its officers, directors or employees or any other representatives or agents of the Company, other than as set forth
in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity
to ask questions of, and receive answers from the Company’s officers and directors concerning the Company and the terms and conditions
of the offering of the Units and has had full access to such other information concerning the Company as Subscriber has requested. Subscriber
confirms that all documents that it has requested have been made available and that Subscriber has been supplied with all of the additional
information concerning this investment which Subscriber has requested.

 

2.7. Organization
and Authority. Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware and it
possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8. Authority.
This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in accordance
with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’
rights generally.

 

2.9. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby do
not violate, conflict with or constitute a default under (i) Subscriber’s charter documents, (ii) any agreement or instrument
to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement, order,
judgment or decree to which Subscriber is subject.

 

2.10. No Legal
Advice from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated
by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and investment
and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered
into between the parties hereto, Subscriber is relying solely on such counsel and advisors and not on any statements or representations
of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11. Reliance
on Representations and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions
from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and
that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings
of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

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2.12. No General
Solicitation. Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising,
including but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar
media or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement with respect to the
IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13. Legend.
Subscriber acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

3. Representations, Warranties
and Covenants of the Company

 

The Company represents and
warrants to, and agrees with, Subscriber that:

 

3.1. Valid Issuance
of Capital Stock. The total number of shares of all capital stock which the Company has authority to issue is 100,000,000 shares of
Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”). As of the date hereof,
the Company has issued and outstanding 1,437,500 shares of Common Stock
(of which up to 187,500 shares are subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock.
All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2. Title to
Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement to be entered
into between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”), as
the case may be, each of the Units, Placement Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid
and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance
with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, Subscriber will have or receive good title
to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i)
transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities
laws.

 

3.3. Organization
and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State
of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this
Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement
by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate
action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and (iii) this Agreement
constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws
relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application
and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of
public policy.

 

3.5. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby
do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or constitute
a default under any agreement or instrument to which the Company is a party or (iii) conflict with any law statute, rule or regulation
to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state
securities filings which may be required to be made by the Company subsequent to any Closing Date, and any registration statement which
may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent,
authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order
for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares, Placement Warrants or Warrant Shares
in accordance with the terms hereof.

 

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4. Legends

 

4.1. Legend.
The Company will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by the Subscriber
in the name of the Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, ABRI SPAC 1, INC. AND ABRI
VENTURES I, LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE
TERMS SET FORTH IN THE INSIDER LETTER.”

 

4.2. Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply
with all applicable securities laws upon resale of the Securities.

 

4.3. Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole
judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the
Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act and (ii) in compliance
herewith and with the Insider Letter.

 

4.4. Registration
Rights. The Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into between, among others, the Subscriber and the Company, on or prior to the effective date of
the Registration Statement.

 

5. Waiver of Liquidation
Distributions.

 

In connection with the Securities
purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with the exercise of redemption rights if
the Company consummates the Business Combination, (ii) in connection with any tender offer conducted by the Company prior to a Business
Combination, (iii) upon the Company’s redemption of shares of Common Stock sold in the Company’s IPO upon the Company’s
failure to timely complete the Business Combination or (iv) in connection with a stockholder vote to approve an amendment to the Company’s
amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100%
of the Company’s public shares if the Company does not timely complete the Business Combination or (B) with respect to any other
provision relating to stockholders’ rights or pre-Business Combination activity. In the event a Subscriber purchases shares of Common
Stock in the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive the redemption value of such shares
of Common Stock upon the same terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails to consummate
the Business Combination; provided, for the avoidance of doubt, this sentence shall not apply to any founder shares (as described in the
Registration Statement) acquired by the Subscriber.

  

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6. Terms of Placement Warrants. Each Placement
Warrant shall have the terms set forth in the Warrant Agreement.

 

7. Intentionally Omitted

 

8. Terms of the Units and
Placement Warrants

 

8.1. The Units and
their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts
will be subject to transfer restrictions described in the Insider Letter, (ii) the Placement Warrants will be non-redeemable, and may
be exercisable on a “cashless” basis at the election of the holder and (iii) the Units and component parts are being purchased
pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration
of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before
the date of the Prospectus or an exemption from registration is available.

 

8.2. Subscriber
agrees to vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration
Statement.

 

9. Governing Law; Jurisdiction; Waiver of Jury
Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such state.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

10. Assignment; Entire Agreement; Amendment

 

10.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to a person
agreeing to be bound by the terms hereof.

 

10.2. Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and
merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3. Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument signed by all of the parties hereto.

 

10.4. Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
legal representatives, successors and permitted assigns.

  

11. Notices

 

11.1. Notices.
Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and
personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by
courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier) or mailed to said
party by certified mail, return receipt requested, at its address provided for herein or such other address as either may designate for
itself in such notice to the other. Communications shall be deemed to have been received when delivered personally, on the scheduled arrival
date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent
by mail, then three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a)
if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (b) if by
a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (1) such
posting and (2) the giving of such separate notice; and (c) if by any other form of electronic transmission, when directed to the stockholder.

 

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12. Counterparts

 

This Agreement may be executed
in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

13. Survival; Severability

 

13.1. Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing Dates.

 

13.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective
if it materially changes the economic benefit of this Agreement to any party.

 

14. Headings.

 

The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	ABRI SPAC I, INC.

a Delaware corporation
	 	 
	 	By:	/s/ Jeffrey Tirman
	 	Name:	Jeffrey Tirman
	 	 	Chief Executive Officer and Chairman of the Board
	 	 
	 	PURCHASER:
	 	 
	 	ABRI VENTURES I, LLC

a Delaware limited liability company
	 	 
	 	By:	/s/ Jeffrey Tirman
	 	Name:	 
	 	Title:	 

 

[Signature Page of the Unit Subscription Agreement]Exhibit 10.6

 

THE
REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT
WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FROM
THE COMMENCEMENT OF SALES IN THE OFFERING TO ANYONE OTHER THAN TO (I) CHARDAN CAPITAL MARKETS, LLC (“CHARDAN”)
OR AN UNDERWRITER OR SELECTED DEALER PARTICIPATING IN THE OFFERING OR (II) AN OFFICER OR PARTNER OF CHARDAN OR OF ANY SUCH UNDERWRITER
OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE 5110(E)(2).

 

THIS
PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY ABRI SPAC I, INC. (THE “COMPANY”)
OF A MERGER, SHARE EXCHANGE, ASSET ACQUISITION, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION (THE “BUSINESS
COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) AND AUGUST 9, 2022.
VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EARLIER OF THE EXPIRATION DATE (DEFINED HEREIN) OR THE DAY IMMEDIATELY PRIOR TO
THE DAY ON WHICH THE COMPANY AND ALL OF ITS SUCCESSORS HAVE BEEN DISSOLVED.

 

UNIT
PURCHASE OPTION

FOR THE PURCHASE OF

UP TO 300,000 UNITS

(OR UP TO 345,000 IF THE OVER-ALLOTMENT

IS EXERCISED IN FULL) OF

ABRI SPAC I, INC.

 

1.
PURCHASE OPTION.

 

THIS
CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of Chardan Capital Markets, LLC (the “Holder”),
as registered owner of this Purchase Option, to Abri SPAC I, Inc.(the “Company”), Holder is entitled, at any
time or from time to time upon the later of the consummation of a Business Combination or on or after the first anniversary of the effective
date of the Registration Statement as defined below (the “Commencement Date”), until, at or before 5:00 p.m.,
New York City local time, the earlier of the five year anniversary of the date of the Business Combination and the day immediately prior
to the day on which the Company and all of its successors have been dissolved, but not thereafter (the “Expiration Date”),
as described in the Company’s registration statement (the “Registration Statement”) pursuant to which
Units are offered for sale to the public in the Company’s initial public offering (the “Offering”), to
subscribe for, purchase and receive, in whole or in part, up to Three Hundred Thousand (300,000) units (“Units”)
of the Company (or up to 345,000 if the over-allotment is exercised in full), each Unit consisting of one (1) share of common stock,
par value $0.0001 per share, of the Company (“Share(s)”) and one (1) redeemable warrant (“Warrant(s)”),
each Warrant entitling the holder thereof to purchase one Share upon the consummation of a Business Combination. Each Warrant is the
same as the whole warrant included in the Units being registered for sale to the public by way of the Registration Statement (“Public
Warrants”). Notwithstanding anything to the contrary, the original Holder of this Purchase Option agrees that it will not
be permitted to exercise this Purchase Option after the five year anniversary of the commencement of sales of the Offering. During the
period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option. This Purchase
Option is initially exercisable at $11.50 per Unit so purchased; provided, however, that upon the occurrence of any of
the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and
the number of Units (and Shares and Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

     

     

    

 

2.
EXERCISE OF PURCHASE OPTION.

 

2.1
Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable
in cash or by certified check or official bank check or pursuant to Section 2.3 hereof. If the subscription rights represented hereby
shall not be exercised at or before 5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and
be void without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2
Legend. Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows, unless such securities
have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”)
or the laws of applicable states or other jurisdictions. The securities may not be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable
laws of states or other jurisdictions.”

 

2.3
Cashless Exercise.

 

2.3.1
Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase
Option is exercisable (and in lieu of being entitled to receive Shares) in the manner required by Section 2.1, and subject to
Section 6.1 hereof, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion
of this Purchase Option into Units (“Cashless Exercise Right”) as follows: upon exercise of the Cashless Exercise
Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of Shares and Warrants comprising that number of Units) equal to the number of Units to be exercised multiplied by the
quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the Purchase Option being converted by
(y) the Current Market Value (as defined below). The “Value” of the portion of the Purchase Option being converted
shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion
of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the
portion of the Purchase Option being converted. As used herein, the term “Current Market Value” per Unit at
any date means: (A) in the event that the Units, Shares and Public Warrants are still trading, (i) if the Units are listed on a national
securities exchange or quoted on the OTC Bulletin Board or successor exchange, the average reported last sale price of the Units in the
principal trading market for the Units as reported by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”),
as the case may be, for the three trading days preceding the date in question; or (ii) if the Units are not listed on a national securities
exchange or quoted on the OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market, the average
reported last sale price for Units for the three trading days preceding the date in question for which such quotations are reported by
the Pink Sheets, LLC, or similar publisher of such quotations; (B) in the event that the Units are not still trading but the Shares and
Warrants underlying the Units are still trading, the aggregate of (i) the product of (x) the Current Market Price of the Share and (y)
the number of the Shares underlying one Unit plus (ii) the product of (x) the Current Market Price of the Public Warrants and (y) the
number of Warrants included in one Unit; or (C) in the event that neither the Units nor the Public Warrants are still trading, the aggregate
of (i) the product of (x) the Current Market Price of the Shares and (y) the number of the Shares underlying one Unit, plus (ii) the
remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of Shares issuable upon exercise of
the Warrants underlying one Unit from (y) the product of (aa) the Current Market Price of the Shares multiplied by (bb) the number of
Shares underlying the Warrants included in each such Unit. The “Current Market Price” shall mean (i) if the Shares (or Public
Warrants, as the case may be) are listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange),
the average reported last sale price of the Shares in the principal trading market for the Shares as reported by the exchange, Nasdaq
or FINRA, as the case may be, for the three trading days preceding the date in question; (ii) if the Shares (or Public Warrants) are
not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual
over-the-counter market, the average reported last sale price for the Shares(or Public Warrants) on for the three (3) trading days preceding
the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii)
if the fair market value of the Shares cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors
of the Company shall determine, in good faith. In the event the Public Warrants have expired and are no longer exercisable, no “Value”
shall be attributed to Warrants underlying this Purchase Options.

 

    2

     

    

 

2.3.2
Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the
Commencement Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached
hereto with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right

 

2.4
No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will
the Company be required to net cash settle the exercise of the Purchase Option. The holder of the Purchase Option will not be entitled
to exercise the Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration statement
is effective, or an exemption from the registration requirements is available at such time and, if the holder is not able to exercise
the Purchase Option, the Purchase Option, as applicable, will expire worthless.

 

3.
TRANSFER OF PURCHASE OPTION.

 

3.1
General Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option (or the Shares and Warrants underlying this Purchase Option), or cause the Purchase
Option (or the Shares and Warrants underlying this Purchase Option) to be the subject of any hedging, short sale, derivative, put, or
call transaction that would result in the effective economic disposition of the Purchase Option by any person, for a period of 180 days
(pursuant to Rule 5110(e)(1) of the Conduct Rules of FINRA following the commencement of sales of the Offering to anyone other than (i)
Chardan or an underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of Chardan or of
any such underwriter or selected dealer. On and after the 181st day following the following the commencement of sales of the Offering,
transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the
Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within 5 business days
transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option of like tenor to the appropriate
assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number
as shall be contemplated by any such assignment.

 

3.2
Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i)
the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration
under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company
(the Company hereby agreeing that the opinion of White and Williams LLP shall be deemed satisfactory evidence of the availability of
an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities
has been filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

4.
NEW PURCHASE OPTION TO BE ISSUED.

 

4.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option
for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except
to the extent that the Holder elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3
above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor
to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder
as to which this Purchase Option has not been exercised or assigned

 

    3

     

    

 

4.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a
new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft, mutilation
or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

5.
REGISTRATION RIGHTS.

 

5.1
Demand Registration.

 

5.1.1
Grant of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least
51% of the Purchase Option and/or the underlying Units and/or the underlying securities (“Majority Holders”),
agrees to use its best efforts to register (the “Demand Registration”) under the Act on one (1) occasion, all
or any portion of the (i) Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying
such Purchase Option, including the Units, Shares, Warrants and the Shares underlying the Warrants and (ii) the units issued to the Holder
prior to or concurrently with the Offering and all securities underlying such units (collectively, the “Registrable Securities”).
On such occasion, the Company will use its best efforts to file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities as expeditiously as possible, and in any event within thirty (30) days, after receipt of
the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective
as soon as possible thereafter. The demand for registration may be made at any time during a period of five years from the commencement
of sales in the Offering. The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed to be sold
and the intended method(s) of distribution thereof. The Company will notify all holders of the Purchase Option and/or Registrable Securities
of the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each holder of Registrable Securities who
wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall
be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 5.1.4. The Company shall
not be required to effect more than one (1) Demand Registration under this Section 5.1 in respect of all Registrable Securities.

 

5.1.2
Effective Registration. Notwithstanding Section 5.1.5, a registration will not count as a Demand Registration until the
registration statement filed with the Commission, with respect to such Demand Registration, has been declared effective and the Company
has complied with all of its obligations under this Purchase Option with respect thereto.

 

5.1.3
Underwritten Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice,
the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In
such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned upon such holder’s
participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent
provided herein. All Demanding Holders proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by the Majority Holders.

 

5.1.4
Reduction of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Shares or other securities which the Company desires to sell and the
Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other
stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such
offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”),
then the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested
by the Demanding Holders (pro rata in accordance with the number of shares that each such person has requested be included in such registration,
regardless of the number of shares held by each such person (such proportion is referred to herein as “Pro Rata”))
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (i) and (ii), the Shares or other securities registrable pursuant to the terms of the Registration Rights Agreement between the
Company and the initial investors in the Company and Chardan, dated as of August 9, 2021 (the “Registration Rights Agreement”
and such registrable securities, the “Investor Securities”) as to which “piggy-back” registration
has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Shares or
other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

    4

     

    

 

5.1.5
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw
from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to
the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to continue
its obligations under Section 5.1, provided that, any such withdrawal will not count as the Demand Registration if the
Demanding Holders pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn registration.

 

5.1.6
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses
of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders
shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable
Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall
the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be
obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in
such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company.
The Company shall use its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights
granted under Section 5.1.1 to remain effective for a period of nine consecutive months from the effective date of such registration
statement or post-effective amendment.

 

5.2
Piggy-Back Registration.

 

5.2.1
Piggy-Back Rights. If at any time during the seven year period commencing on the date of commencement of sales in the Offering,
the Company proposes to file a registration statement under the Act with respect to an offering of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for
stockholders of the Company for their account (or by the Company and by stockholders of the Company including, without limitation, pursuant
to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt
that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written
notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and (y)
offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable
Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities
proposing to distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into
an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration

 

    5

     

    

 

5.2.2
Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Shares which the
Company desires to sell, taken together with Shares, if any, as to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration
has been requested under this Section 5.2, and the Shares, if any, as to which registration has been requested pursuant to the
written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the
Company shall include in any such registration:

 

(a)
If the registration is undertaken for the Company’s account: (A) first, Shares or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clause (A), the Shares or other securities, if any, comprised of Registrable Securities and Investor
Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights
of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that
the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Shares or other securities for the account
of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons
and that can be sold without exceeding the Maximum Number of Shares;

 

(b)
If the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first, the
Shares or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number
of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Shares
or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable Securities,
Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number
of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B)
and (C), the Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares; and

 

(c)
If the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the Shares or other securities for the account of the demanding persons that can be
sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the Shares or other securities that the Company desires to sell that can be sold without exceeding the
Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A) and (B), collectively the Shares or other securities comprised of Registrable Securities and Investor Securities, Pro Rata, as to
which registration has been requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that can
be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A), (B) and (C), the Shares or other securities for the account of other persons that the Company
is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum
Number of Shares.

 

5.2.3
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration
statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities
in connection with such Piggy-Back Registration as provided in Section 5.2.4.

 

    6

     

    

 

5.2.4
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses
of one legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders
shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration, the
Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to
the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable
registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until such time as all of
the Registrable Securities have been registered and sold. The Holders of the Registrable Securities shall exercise the “piggy-back”
rights provided for herein by giving written notice within ten days of the receipt of the Company’s notice of its intention to
file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above
“piggyback” rights to remain effective for at least nine months from the date that the Holders of the Registrable Securities
are first given the opportunity to sell all of such securities.

 

5.3
General Terms.

 

5.3.1
Indemnification. The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable
Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the
meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of
any action between the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them
may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent
and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the underwriters contained in Section
5 of the Underwriting Agreement between the Company, Chardan and the other underwriters named therein dated the effective date (“Underwriting
Agreement”). The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their
successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if any,
who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage,
expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from
information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration
statement or arising from any omission or the alleged omission to state a material fact required to be stated therein or necessary to
make the statement contained therein not misleading in connection with the registration of the Registrable Securities, to the same extent
and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have
agreed to indemnify the Company.

 

5.3.2
Exercise of Purchase Option. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise
their Purchase Option or Warrants underlying such Purchase Option prior to or after the initial filing of any registration statement
or the effectiveness thereof.

 

5.3.3
Documents Delivered to Holders. The Company shall furnish Chardan, as representative of the Holders participating in any of the
foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated
the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated
the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective
date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the
closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s
financial statements included in such registration statement, in each case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to Chardan,
as representative of the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its
staff with respect to the registration statement and permit Chardan, as representative of the Holders, to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and
properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable
extent and at such reasonable times and as often as Chardan, as representative of the Holders, shall reasonably request. The Company
shall not be required to disclose any confidential information or other records to Chardan, as representative of the Holders, or to any
other person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably
satisfactory to the Company), with the Company with respect thereto.

 

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5.3.4
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected
by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably
acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such
managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties
and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except
as they may relate to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and
indemnification and contribution obligations for selling stockholders as are customarily contained in agreements of that type used by
the managing underwriter. Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation
of the registration statement and other documents relating to any offering in which they include securities pursuant to this Section
5. Each Holder shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended
method of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5
Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation
pursuant to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any
Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed
under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, or (ii) where the
number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as
if such Holder were an affiliate within the meaning of Rule 144).

 

5.3.6
Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as
a result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration
statement covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental or amended prospectus,
and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to
the Company a certificate of such destruction) all copies, other than permanent file copies then in such Holder’s possession, of
the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

6.
ADJUSTMENTS.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Shares is increased by a stock dividend payable in Shares or by a split-up of Shares or other similar event, then, on the
effective date thereof, the number of Shares (including the Shares underlying the Warrants) underlying each of the Units purchasable
hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the number of Shares, and the exercise
price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance
with the terms of the Warrants.

 

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6.1.2
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares (including the Shares underlying the Warrants) underlying each of the Units purchasable hereunder shall
be decreased in proportion to such decrease in outstanding shares and the Exercise Price shall be proportionately increased. In such
case, the number of Shares, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable
hereunder shall be adjusted in accordance with the terms of the Warrants.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in
the case of any merger or consolidation of the Company with or into another company (other than a consolidation or merger in which the
Company is the continuing entity and that does not result in any reclassification or reorganization of the outstanding Shares), or in
the case of any sale or conveyance to another company or entity of the property of the Company as an entirety or substantially as an
entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until
the expiration of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise
Price payable hereunder immediately prior to such event, the kind and amount of shares or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Option immediately prior to such event;
and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment
shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4
Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section,
and a Purchase Option issued after such change may state the same Exercise Price and the same number of Units as are stated in the Purchase
Option as initially issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a required or permissive
change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2
Substitute Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the
Company into, another entity (other than a consolidation or merger which does not result in any reclassification or change of the outstanding
Shares), the entity formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option providing
that the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration
of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares and other securities and property
receivable upon such consolidation or merger, by a holder of the number of Shares of the Company for which such Purchase Option might
have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide
for adjustments which shall be identical to the adjustments provided in Section 6. The above provision of this Section shall similarly
apply to successive consolidations or mergers.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests,
it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole
number of Warrants, Shares or other securities, properties or rights (or as otherwise provided pursuant to the Warrant Agreement).

 

7.
RESERVATION AND LISTING. The Company shall at all times reserve and keep available
out of its authorized but unissued Shares, solely for the purpose of issuance upon exercise of the Purchase Option or the Warrants underlying
the Purchase Option, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof.
The Company covenants and agrees that, upon exercise of the Purchase Option and payment of the Exercise Price therefor, all Shares and
other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any stockholder. The Company further covenants and agrees that upon exercise of the Warrants underlying the Purchase Option,
all Shares and other securities issuable upon such conversion shall be duly and validly issued, fully paid and non-assessable and not
subject to preemptive rights of any stockholders. As long as the Purchase Option shall be outstanding, the Company shall use its best
efforts to cause all (i) Units and Shares issuable upon exercise of the Purchase Option, (ii) Warrants issuable upon exercise of the
Purchase Option and (iii) Shares underlying the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed
and/or quoted (subject to official notice of issuance) on all securities exchanges (or, if applicable, on the OTC Bulletin Board or OTC
Markets Group, Inc. or any successor trading market) on which the Units, Shares, or Warrants may then be listed and/or quoted.

 

    9

     

    

 

8.
CERTAIN NOTICE REQUIREMENTS.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the
Company. If, however, at any time prior to the expiration of the Purchase Option and its exercise, any of the events described in Section
8.2 shall occur, then, in each such event, the Company shall give written notice of such event at least fifteen days prior to the
date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend,
distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation,
winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be.
Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the
Company at the same time and in the same manner that such notice is given to the stockholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property,
assets and business shall be proposed.

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice
shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the
Company’s Chief Executive Officer.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing
and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the
following address or to such other address as the Company may designate by notice to the Holders:

 

Abri
SPAC I, Inc.

9663
Santa Monica Blvd., No. 1091

Beverly
Hills, CA 90210

Attn:
Jeffrey Tirman

Telephone:
(424) 732-1021

 

9.
MISCELLANEOUS.

 

9.1
Amendment The Company and Chardan may from time to time supplement or amend this Purchase Option without the approval of any of
the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Chardan may deem necessary or desirable and that the Company and Chardan deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the
modification or amendment is sought.

 

    10

     

    

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3
Entire Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions herein
contained.

 

9.5
Governing Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Holder and the Company
hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be
brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Holder and the Company
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons
to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and
expenses relating to such action or proceeding and/or incurred in connection with the preparation therefore.

 

9.6
Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach
or non-compliance.

 

9.7
Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the
same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto.

 

9.8
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at
any time prior to the complete exercise of this Purchase Option by Holder, if the Company and Chardan enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or cash
or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    11

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized officer as of the 9th day of August,
2021.

 

	 	ABRI SPAC I, INC.
	 	 

	 	By:	/s/
    Jeffrey Tirman
	 	 	Name: 	 Jeffrey Tirman
	 	 	Title: 	Chairman and Chief Executive Officer

  

Signature
Page to Abri SPAC I, Inc. Unit Purchase Option

 

     

     

    

 

Form
to be used to exercise Purchase Option

 

Abri
SPAC I, Inc.

9663 Santa Monica Blvd., No. 1091

Beverly Hills, CA 9021

 

Date:_________________,
20___

 

The
undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase ____ Units of Abri SPAC
I, Inc. and hereby makes payment of $____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto.
Please issue the securities as to which this Purchase Option is exercised in accordance with the instructions given below.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase _________ Units purchasable under the within Purchase Option by
surrender of the unexercised portion of the attached Purchase Option (with a “Value” based of $_______ based on a “Market
Price” of $_______). Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without
alteration or enlargement or any change whatever

 

Signature(s)
Guaranteed:

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

Name

	 
	(Print in Block Letters)
	 

    Address

     

 

 

 

     

     

    

 

Form
to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Option):

 

FOR
VALUE RECEIVED,______________________________________________ does hereby sell, assign and transfer unto___________________________________________
the right to purchase __________ Units of Abri SPAC I, Inc. (“Company”) evidenced by the within Purchase Option
and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:___________________,
20___

 

	 	 
	 	Signature

 

	 	 	 
	 	NOTICE: The
    signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without
    alteration or enlargement or any change whatever.
	 	 

Signature(s)
Guaranteed:

	 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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