Document:

Exhibit 4.6

 

FORM
OF

 

FLAG
SHIP ACQUISITION CORPORATION 

 

RIGHTS
AGREEMENT

 

This Rights Agreement (this “Agreement”)
is made as of _____________, ____, 2021 between Flag Ship Acquisition Corporation, a Cayman Islands company with offices at 260 Madison
Avenue, 8th Floor, New York, New York 10016 (the “Company”) and Vstock Transfer, LLC, a New York limited liability
company, with offices at 18 Lafayette Place, Woodmere, New York 11598 (“Rights Agent”).

 

WHEREAS, the Company is engaged in an initial public
offering (the “Public Offering”) of units of the Company’s equity securities (each, a “Unit” and collectively,
the “Units”) through ___________________ (the “Representative”), as representative of the several underwriters
(the “Underwriters”), each such Unit comprised of: (i) one ordinary share of the Company, par value $.0001 per share (“Ordinary
Share”); (ii) one redeemable warrant, each whole warrant entitling the holder thereof to purchase one-half Ordinary Share; and (iii)
one right to receive one-tenth (1/10) of one Ordinary Share (the “Public Rights”) upon the happening of an Exchange Event
(as defined below in Section 3.2), and in connection therewith, the Company has determined to issue and deliver up to 11,500,000 Public
Rights (including up to 1,500,000 Public Rights subject to the over-allotment option) to public investors in the Public Offering; and

 

WHEREAS, on ______________, __, 2021, the Company
entered into certain Private Placement Unit Subscription Purchase Agreement with Whale Management Corporation (the “Sponsor”),
pursuant to which the Sponsor agreed to purchase an aggregate of 300,000 Private Placement Units (or 330,000 Private Placement Units if
the over-allotment option is exercised in full by the Underwriters) simultaneously with the closing of the Public Offering at a purchase
price of $10.00 per Unit and in connection therewith, will issue and deliver up to an aggregate of 300,000 rights (or 330,000 if the over-allotment
option is exercised in full by the Underwriters) (“Private Placement Rights”); and

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial Business Combination (as defined in the Company’s Amended and Restated
Memorandum and Articles of Association), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors
may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 may be converted into up
to an additional 375,000 Units (“Private Placement Units”) at a price of $10.00 per Unit, and in connection therewith, the
Company will issue and deliver up to an aggregate of 375,000 rights as part of such Private Unit (the “Working Capital Rights”);
and

 

WHEREAS, the Company may issue additional rights
from time to time that are to be governed by this Agreement (“Post-IPO Rights” and together with the Private Placement Rights,
the Working Capital Rights and the Public Rights, the “Rights”) in connection with, or following the consummation by the Company
of, a Business Combination; and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (“SEC”) a registration statement on Form S-1, File No. 333-_____ (the “Registration Statement”),
and the prospectus forming a part thereof (collectively, the “Prospectus”), for the registration under the Securities Act
of 1933, as amended, of the Units, each of the securities comprising the Units, and the Ordinary Shares underlying the Units including
the Public Rights and which Registration Statement has been declared effective by the SEC; and

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

2.
Rights.

 

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

 

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

 

2.3.
Registration.

 

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

 

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

 

2.4.
Detachability of Rights. The securities comprising the Units, including the Rights, will begin to trade separately on (i)
the first trading day following the 52nd day after the effectiveness of the Registration Statement, or (ii) such earlier
date as the Representative shall determine is acceptable. In no event will separate trading of the securities comprising the Units
commence until the Company (i) files a Current Report on Form 8-K with the SEC including an audited balance sheet reflecting the
Company’s receipt of the gross proceeds of the Public Offering and (ii) issues a press release announcing when such separate
trading will begin.

 

3.
Terms and Exchange of Rights

 

3.1.
Rights. Except in cases where the Company is not the surviving entity after the occurrence of an Exchange Event, each holder
of a Right shall automatically receive one-tenth of one Ordinary Share upon consummation of an Exchange Event. No additional consideration
shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares upon an Exchange Event, as the purchase
price for such Ordinary Shares has been included in the purchase price for the Units. In no event will the Company be required
to net cash settle the Rights or issue fractional Ordinary Shares. The provisions of this Section 3.1 may not be modified, amended
or deleted without the prior written consent of the Representative.

 

    2

     

    

 

3.2.
Exchange Event. An “Exchange Event” shall be deemed to occur automatically upon the Company’s consummation
of an initial Business Combination.

 

3.3.
Exchange of Rights.

 

3.3.1.
Issuance of Certificates. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders
of the Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company
shall make (or cause to be made) entries in its Register of Members of the Company and issue to the Registered Holder of such
Right(s) a certificate or certificates for the number of full Ordinary Shares to which he, she or it is entitled, registered in
such name or names as may be directed by him, her or it. The Company shall not issue fractional shares upon exchange of Rights.
At the time of an Exchange Event, the Company will either instruct the Rights Agent to round down to the nearest whole Ordinary
Share or otherwise inform it how fractional shares will be addressed in accordance with Cayman Islands law.

 

3.3.2.
Valid Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement and the Amended and
Restated Memorandum and Articles of Association of the Company shall be validly issued, fully paid and nonassessable.

 

3.3.3.
Date of Issuance. Each person in whose name any such certificate for Ordinary Shares is issued shall for all purposes be
deemed to have become the holder of record of such Ordinary Shares on the date that the person’s name is entered in the
Register of Members of the Company, which shall be the date of the Exchange Event, irrespective of the date of delivery of such
certificate.

 

3.3.4
Company Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the surviving
entity, each holder of a Right will be required to affirmatively convert his, her or its Rights in order to receive the 1/10 of
an Ordinary Share underlying each Right (without paying any additional consideration) upon consummation of the Exchange Event.
Each holder of a Right will be required to indicate his, her or its election to convert the Rights into the underlying Ordinary
Shares as well as to return the original certificates evidencing the Rights to the Company.

 

3.4
Duration of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended
and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the Rights shall expire and
shall be worthless.

 

4.
Transfer and Exchange of Rights.

 

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

 

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

 

    3

     

    

 

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

 

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

 

4.5.
Right Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company,
whenever required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such
purpose.

 

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

 

5.1.
No Rights as Shareholder. Until exchange of a Right for Ordinary Shares as provided for herein, a Right does not entitle
the Registered Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to
receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders
in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

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

 

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

 

5.4.
Adjustments to Conversion Ratios. The number of Ordinary Shares that the holders of Rights are entitled to receive as a
result of the occurrence of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split,
share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with
respect to the Ordinary Shares occurring on or after the date hereof and prior to the Exchange Event.

 

6.
Concerning the Rights Agent and Other Matters.

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

6.3.
Fees and Expenses of Rights Agent.

 

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

 

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

 

6.4.
Liability of Rights Agent.

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

7.
Miscellaneous Provisions.

 

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

 

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

 

Flag
Ship Acquisition Corporation 

260
Madison Avenue, 8th Floor 

New
York, New York 10016 

Attention:
Chief Executive Officer

 

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

 

Vstock
Transfer, LLC 

18
Lafayette Place 

Woodmere,
New York 11598 

Attention:
Relationship Management

 

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

 

    6

     

    

 

7.4.
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any
of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Registered Holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative,
any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4
and 7.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the
sole and exclusive benefit of the parties hereto (and the Representative with respect to the Sections 3.1, 7.4 and 7.8 hereof)
and their successors and assigns and of the Registered Holders of the Rights. The provisions of this Section 7.4 may not be modified,
amended or deleted without the prior written consent of the Representative.

 

7.5.
Examination of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of
the Rights Agent in the Woodmere, New York, for inspection by the Registered Holder of any Right. The Rights Agent may require
any such holder to submit his, her or its Right for inspection by it.

 

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

 

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

 

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

 

[Signature
Page Appears Next]

 

    7

     

    

 

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

 

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

 

	 	Flag Ship Acquisition Corporation
	 	 	 
	 	By:  	 
	 	Name:	 
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Vstock Transfer, LLC

	 	 	 
	 	By:  	 
	 	Name:	 
	 	Title:	 

 

    8

     

    

 

Exhibit
A Form of Right Certificate

 

 

    9

     

    

 

		NUMBER	RIGHTS

 

FLAG
SHIP ACQUISITION CORPORATION

A CAYMAN ISLANDS COMPANY

 

Form
of 

 

PUBLIC
RIGHTS CERTIFICATE 

 

SEE
REVERSE FOR

CERTAIN DEFINITIONS

 

CUSIP
______

 

This
Rights Certificate certifies that           , or registered assigns, is the registered holder of a right or rights (the “Right”)
to automatically receive one-tenth of one ordinary share, par value $0.0001 per share (“Ordinary Share”),
of FLAG SHIP ACQUISITION CORPORATION (the “Company”) for each Right evidenced by this Rights Certificate
on the Company’s completion of an initial business combination (as defined in the final prospectus relating to the Company’s
initial public offering (“Prospectus”) upon surrender of this Rights Certificate pursuant to the Rights Agreement
between the Company and Vstock Transfer, LLC, as Rights Agent (the “Rights Agent”). In no event will
the Company be required to net cash settle any Right or issue a fractional Ordinary Share.

 

Upon
liquidation of the Company in the event an initial business combination is not consummated during the required period as identified
in the Company’s Amended and Restated Memorandum and Articles of Association, the Rights shall expire and be worthless.
The holder of a Right shall have no right or interest of any kind in the Company’s trust account (as defined in the Prospectus).

 

Upon
due presentment for registration of transfer of the Right Certificate at the office or agency of Vstock Transfer, LLC, the Rights
Agent, a new Right Certificate or Right Certificates of like tenor and evidencing in the aggregate a like number of Rights shall
be issued to the transferee in exchange for this Right Certificate, without charge except for any applicable tax or other governmental
charge. The Company shall not issue fractional shares upon exchange of Rights. The Company reserves the right to deal with any
fractional entitlement at the relevant time in any manner (as provided in the Rights Agreement).

 

The
Company and the Rights Agent may deem and treat the registered holder as the absolute owner of this Right Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any conversion hereof, of any distribution
to the registered holder, and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice
to the contrary.

 

This
Right does not entitle the registered holder to any of the rights of a shareholder of the Company. This Right shall be governed
by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

Dated:

 

	 	 	 
	SECRETARY	 	
CHIEF EXECUTIVE OFFICER

  

SEAL

 

    10

     

    

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN COM – as tenants in common	 	UNIF GIFT MIN              Custodian
	 	 	ACT -
	TEN ENT – as tenants by the entireties	 	(Cust)                                  (Minor)
	 	 	under U.S. Uniform Gifts to Minor Act
	JT TEN – as joint tenants with right of survivorship and not as tenants in common	 	 

 

Additional
Abbreviations may also be used though not in the above list.

 

FLAG SHIP ACQUISITION CORPORATION

 

The
Company will furnish without charge to each security holder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of equity securities or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights. This certificate and the rights represented thereby are issued
and shall be held subject to all the provisions of the Rights Agreement, the Company’s Amended Memorandum and Articles of
Association and all amendments thereto and resolutions of the Board of Directors providing for the issuance of securities (copies
of which may be obtained from the secretary of the Company), to all of which the holder of this certificate by acceptance hereof
assents.

 

For
value received                     , hereby sell(s), assign(s) and transfer(s)
unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 

 

  

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE(S)) Rights represented by the within Certificate, and do hereby irrevocably
constitute and appoint _______________________________________________________________ Attorney to transfer
the said rights on the books of the within named Company will full power of substitution in the premises.

 

Dated

 

		Notice:	The
signature to this assignment must correspond with the name as written upon the face of the certificate 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 UNDER THE
SECURITIES ACT OF 1933, AS AMENDED).

 

The
holder of this certificate shall have no right or interest of any kind in or to the funds held in the Company’s trust fund
(as defined in the Prospectus).

 

    11Exhibit
10.2

 

____________
__, 2021

 

Flag
Ship Acquisition Corporation

260
Madison Avenue

New
York, New York, 10016

 

[Underwriter
Representative]

_______________________

 

_______________________

  

Re: Flag
Ship Public Offering; Voting, Lock-Up and Waiver

 

Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be
entered into by and between Flag Ship Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and [___________________], as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased to cover over-allotments,
if any) (the “Units”), each comprised of one of the Company’s ordinary shares, par value $0.001 per share
(the “Ordinary Shares”), one warrant to purchase one-half of an Ordinary Share (“Warrant”)
and a right (“Right”) to receive 1/10th of an Ordinary Share. Each Warrant entitles the holder thereof to
purchase one-half of one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering
pursuant to a registration statement on Form S-1 (File No. 333-_______) and prospectus (the “Prospectus”)
filed by the Company with the Securities and Exchange Commission (the “Commission”) and the Company shall apply
to have the Units and components thereof listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in Section
12 hereof.

 

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

 

1. The
Sponsor and each Insider agrees that (A) if the Company seeks shareholder approval of a proposed Business Combination, then in
connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor
of any proposed Business Combination and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder
approval, (B) if the Company engages in a tender offer in connection with any proposed Business Combination, it, he or she shall
not sell any Shares to the Company in connection therewith and (C) if the Company seeks shareholder approval of any proposed amendment
to the Charter prior to the consummation of a Business Combination, it, he or she shall not redeem any Shares owned by it, him
or her in connection with such shareholder approval.

 

2. The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the
time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business
days thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the Units in
the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account
and not previously released to the Company to pay any taxes (less up to $50,000 of interest to pay dissolution expenses), divided
by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
shareholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii)
above to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of
applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Charter (i) that would affect the substance
or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business
Combination within the time period described in the Prospectus or (ii) with respect to any other provision relating to shareholders’
rights or pre-Business Combination activity, unless the Company provides its public shareholders with the opportunity to redeem
their Ordinary Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay any taxes, divided by the number of then outstanding Offering Shares.

 

    1

     

    

 

3.
The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the
Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waives any claim such Sponsor or Insider may
have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever except in each case with respect to the Insider’s right to a pro rata
interest in the proceeds held in the Trust Account for any Offering Shares such Sponsor or Insider may hold.

 

4. During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and
each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree
to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
with respect to any Units, Ordinary Shares, Founder Shares, Warrants, Rights or any securities convertible into, or exercisable,
or exchangeable for, Ordinary Shares owned by it, him or her, (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any Units, Ordinary Shares, Founder Shares,
Warrants, Rights or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or
her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges
and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this Section 4 or Section
8 below, the Company shall announce the impending release or waiver by press release through a major news service at least two
business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective two business
days after the publication date of such press release. The provisions of this Section will not apply if the release or waiver
is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same
terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the
transfer.

 

5. In
the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any
other shareholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all
loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any
claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third party for services
rendered or products sold to the Company or (ii) a prospective target business with which the Company has entered into a
letter of intent, confidentiality or other similar agreement or a Business Combination agreement (a
“Target”); provided, however, that such indemnification of the Company by the
Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other
than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount
of funds in the Trust Account to below (i) $10.[___] per share of the Offering Shares or (ii) such lesser amount
per share of the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date
of the liquidation of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust
Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target) who executed a
waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as
amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall
not be responsible to the extent of any liability for such third-party claims. The Sponsor shall have the right to defend
against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written
receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such
defense.

 

    2

     

    

 

6. To the extent that the Underwriters do
not exercise their over-allotment option to purchase up to an additional 1,500,000 Units within 45 days from the date of the Prospectus
(and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the aggregate equal
to 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 minus the number of Units purchased by the Underwriters
upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,500,000.

 

7. The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations under Sections 1, 2, 3, 4, 5, 8(a), 8(b),
and 9, as applicable, of this Letter Agreement; (ii) monetary damages may not be an adequate remedy for such breach; and
(iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such
party may have in law or in equity, in the event of such breach.

 

8. (a) The
Sponsor and each Insider agrees that it, he or she shall not (a) Transfer 50% of their Founder Shares until the earlier of
(A) six months after the consummation of the Company’s initial Business Combination or (B) the date on which the
closing price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations,
rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing after the Company’s initial Business Combination or (b) Transfer the
remaining 50% of their Founder Shares until six months after the date of the consummation of the Company’s initial
Business Combination, or earlier in either case, if subsequent to the Company’s initial Business Combination the
Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of
the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
(the “Founder Shares Lock-up Period”).

 

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

 

(c) Notwithstanding
the provisions set forth in Sections 8(a) and (b), Transfers of the Founder Shares, Private Placement Units and Warrants
and Ordinary Shares issued or issuable upon the exercise or conversion of the Private Placement Units and that are held by the
Sponsor, any Insider or any of their permitted transferees (that have complied with this Section 8(c)), are permitted (a) to
the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any members of the Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift to a member
of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate
family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue
of laws of descent and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to
a qualified domestic relations order; (e) transfers by private sales or transfers made in connection with the consummation
of a Business Combination at prices no greater than the price at which the securities were originally purchased; (f) transfers
in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) transfers
by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability company agreement upon dissolution of the
Sponsor; (h) in the event of the Company’s liquidation, merger, share exchange, reorganization or other similar transaction
which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities
or other property subsequent to the completion of the Company’s initial Business Combination; and (i) transfers in connection
with the Company’s initial Business Combination with the Company’s consent to any third party; provided, however,
that in the case of clauses (a) through (e), (h) and (i), these permitted transferees must enter into a written agreement
agreeing to be bound by the restrictions herein.

 

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

 

    3

     

    

 

10.
Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor
any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, or cash payments
prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business
Combination (regardless of the type of transaction that it is), other than the amounts described in the Prospectus under the heading
“Summary – The Offering – Limited Payments to Insiders.”

 

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

 

12. As used herein, (i) ”Business
Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Company and one or more businesses; (ii) ”Shares” shall mean, collectively,
the Ordinary Shares and the Founder Shares; (iii) ”Founder Shares” shall mean the 2,875,000 of the ordinary
shares, par value $0.001 per share, initially issued to the Sponsor (up to 375,000 Shares of which are subject to complete or partial
forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters) for an aggregate purchase price of $[50,000],
or $0.___ per share, prior to the consummation of the Public Offering; (iv) ”Initial Shareholders” shall
mean the Sponsor and any Insider that holds Founder Shares; (v) ”Private Placement Units” shall mean the
Units to purchase up to 300,000 Units which the Sponsor has agreed to purchase for an aggregate purchase price of $3,000,000, or $10.00
per whole Private Placement Unit, in a private placement that shall occur simultaneously with the consummation of the Public Offering;
(vi) ”Public Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) ”Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited with
Wilmington Trust Company; (viii) ”Transfer” shall mean the (a) sale of, offer to sell, contract or
agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be
settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction
specified in clause (a) or (b); and (ix) “Charter” shall mean the Company’s amended and restated
memorandum and articles of association, as the same may be amended from time to time.

 

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

 

14. No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this Section shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the
Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

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

 

    4

     

    

 

16.
This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

17.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

18. This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such
exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

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

 

20. This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is
not consummated and closed by June 30, 2021; provided further that Section 5 of this Letter Agreement shall survive such liquidation.

  

[Signature
Page to Letter Agreement]

 

	 	SPONSOR
	 	WHALE MANAGEMENT CORPORATION
	 	 	 
	 	By:	                                                
	 	Name:	 
	 	Title:	 

 

Officers
and Directors

 

 

 

Matthew
Chen, Chief Executive Officer

 

 

 

Luhuang
Zhong, Chief Financial Officer

 

 

 

Pai
Liu, Director

 

 

 

Na
Gai, Director

 

 

 

Shan
Cui, Director

 

    5

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