Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of October 26, 2021, is made and entered into by and among Innovative
International Acquisition Corp., a Cayman Islands exempted company (the “Company”), and the undersigned parties
listed under Investors on the signature page hereto (each, an “Investor” and collectively, the “Investors”).

 

RECITALS

 

WHEREAS, the Company
and the Investors desire to enter into this Agreement, pursuant to which the Company shall grant the Investors certain registration rights
with respect to certain securities of the Company held by them as of the date hereof or that may be held by them upon consummation of
a Business Combination (defined below);

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I
DEFINITIONS

 

The terms defined in this
ARTICLE I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be
made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any Prospectus
and any preliminary Prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business Combination”
shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one
or more businesses, involving the Company.

 

“CCM” are to J.V.B.
Financial Group, LLC on behalf of its division, Cohen & Company Capital Markets, an affiliate of a passive member of Sponsor.

 

“Class B
Ordinary Shares” means the Class B ordinary shares, par value $0.0001 per share, of the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company” shall have
the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in Section 2.01(a).

 

“Demanding Investor”
shall have the meaning given in Section 2.01(a).

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

  

“Form S-1”
shall have the meaning given in Section 2.01(a).

 

“Form S-3” shall
have the meaning given in Section 2.03.

 

“Founder Shares”
shall mean the aggregate 8,050,000 Class B Ordinary Shares issued and outstanding, up to 1,050,000 of which are subject to forfeiture
depending on the extent to which the Underwriters’ over-allotment option is exercised, which shall be deemed to include the Ordinary
Shares issuable upon conversion thereof.

 

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“Founder Shares
Lock-up Period” shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) six months
after the completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) if
the last sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share consolidations,
share capitalizations, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company
completes a liquidation, merger, share exchange, 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.

 

“Insider Letter”
shall mean that certain letter agreement, dated as of October 26, 2021, by and among the Company, the Sponsor and each of the Company’s
officers and directors.

 

“Investors”
shall have the meaning given in the Preamble.

 

“Maximum Number
of Securities” shall have the meaning given in Section 2.01(d).

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which
they were made not misleading.

 

“Ordinary Shares”
shall mean the Class A ordinary shares, par value $0.0001 per share, of the Company.

 

“Permitted Transferees”
shall mean a person or entity to whom an Investor of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the Insider Letter,
this Agreement, and any other applicable agreement between such Investor and the Company, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in Section 2.01(a).

 

“Private Placement
Lock-up Period” shall mean, with respect to Private Placement Shares that are held by the initial purchasers of such Private
Placement Shares or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business
Combination.

 

“Private Placement
Shares” shall mean the aggregate 1,000,000 Ordinary Shares (or 1,060,000 Ordinary Shares, if the Underwriter’s over-allotment
option is exercised in full) to be purchased by the Sponsor, CCM and the Underwriter and/or its designees pursuant to those certain Private
Placement Shares Purchase Agreements between the Company and each of the Sponsor, CCM and the Underwriter, each dated October 26, 2021.

 

“Pro Rata”
shall have the meaning given in subsection Section 2.01(d).

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Founder Shares and the Ordinary Shares issued or issuable upon the conversion of any
Founder Shares, (b) the Private Placement Shares, (c) the Working Capital Shares of the Company issuable upon conversion
of any working capital loans in an amount up to $1,500,000 made to the Company by an Investor, if any, and (d) any other equity
security of the Company issued or issuable with respect to any such Ordinary Shares by way of a share dividend, share subdivision,
share consolidation, share capitalization or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be
Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for such
securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public
distribution of such securities shall not require registration under the Securities Act; (iii) such securities shall have
ceased to be outstanding; (iv) such securities may be sold without Registration pursuant to Rule 144 promulgated under the
Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or
limitations); or (v) such securities have been sold to, or through, a broker, dealer or Underwriter in a public distribution or
other public securities transaction.

 

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“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(a) all Registration and
filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and
any securities exchange on which the Ordinary Shares are then listed;

 

(b) fees and expenses of
compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection
with blue sky qualifications of Registrable Securities);

 

(c) printing, messenger,
telephone and delivery expenses;

 

(d) reasonable fees and
disbursements of counsel for the Company;

 

(e) reasonable fees and
disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;
and

 

(f) reasonable fees and
expenses of one legal counsel selected by the majority-in-interest of the Demanding Investors initiating a Demand Registration to be registered
for offer and sale in the applicable Registration.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting Investor”
shall have the meaning given in Section 2.01(a).

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall mean Innovative International Sponsor I LLC, a Delaware limited liability company.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Units”
means the units of the Company, each comprised of one Ordinary Share and one-half of one Warrant.

  

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“Warrants”
mean the warrants of the Company redeemable to purchase Ordinary Shares.

 

“Working Capital
Shares” shall mean any Ordinary Shares that may be issued in payment of working capital loans made to the Company.

 

ARTICLE II
REGISTRATIONS

 

Section 2.01 Demand
Registration.

 

(a) Request for Registration.
Subject to the provisions of Section 2.01(d) and Section 2.04 hereof, at any time and from time to time on
or after the date the Company consummates the Business Combination, the Investors of at least a majority in interest of the then-outstanding
number of Registrable Securities (the “Demanding Investors”) may make a written demand for Registration under
the Securities Act of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities
to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand
Registration”). The Company shall, within 10 days of the Company’s receipt of the Demand Registration, notify, in
writing, all other Investors of Registrable Securities of such demand, and each Investor of Registrable Securities who thereafter wishes
to include all or a portion of such Investor’s Registrable Securities in a Registration pursuant to a Demand Registration (each
such Investor that includes all or a portion of such Investor’s Registrable Securities in such Registration, a “Requesting
Investor”) shall so notify the Company, in writing, within five days after the receipt by the Investor of the notice from
the Company. Upon receipt by the Company of any such written notification from a Requesting Investor(s) to the Company, such Requesting
Investor(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and
the Company shall effect, as soon thereafter as practicable, but not more than 45 days immediately after the Company’s receipt of
the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Investors and Requesting Investors
pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three
Registrations pursuant to a Demand Registration under this Section 2.01(a) with respect to any or all Registrable Securities;
provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form
Registration Statement that may be available at such time (“Form S-1”) has become effective and all of
the Registrable Securities requested by the Requesting Investors to be registered on behalf of the Requesting Investors in such Form S-1
Registration have been sold, in accordance with Section 3.01 of this Agreement.

 

(b) Effective Registration.
Notwithstanding the provisions of Section 2.01(a) above or any other part of this Agreement, a Registration pursuant
to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission
with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company
has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such
Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration
is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency
the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such
stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Investors
initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company
in writing, but in no event later than five days, of such election; and provided, further, that the Company shall not be
obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect
to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

(c) Underwritten
Offering. Subject to the provisions of Section 2.01(d) and Section 2.04 hereof, if a
majority-in-interest of the Demanding Investors so advise the Company as part of their Demand Registration that the offering of the
Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such
Demanding Investor or Requesting Investor (if any) to include its Registrable Securities in such Registration shall be conditioned
upon such Investor’s participation in such Underwritten Offering and the inclusion of such Investor’s Registrable
Securities in such Underwritten Offering to the extent provided herein. All such Investors proposing to distribute their Registrable
Securities through an Underwritten Offering under this Section 2.01(c) shall enter into an underwriting agreement
in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding
Investors initiating the Demand Registration.

  

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(d) Reduction of Underwritten
Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith,
advises the Company, the Demanding Investors and the Requesting Investors (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Investors and the Requesting Investors (if any) desire to sell, taken together with all other Ordinary Shares
or other equity securities that the Company desires to sell and the Ordinary Shares, if any, as to which a Registration has been requested
pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the
maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten 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 such securities, as applicable, the “Maximum Number of Securities”), then the Company
shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Investors and the
Requesting Investors (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Investor and Requesting
Investor (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that
the Demanding Investors and Requesting Investors have requested be included in such Underwritten Registration (such proportion is referred
to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of
Investors (Pro Rata, based on the respective number of Registrable Securities that each Investor has so requested) exercising their rights
to register their Registrable Securities pursuant to Section 2.02(a) hereof, without exceeding the Maximum Number of
Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other equity securities of other persons or entities that the Company
is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold
without exceeding the Maximum Number of Securities.

 

(e) Demand Registration
Withdrawal. A majority-in-interest of the Demanding Investors initiating a Demand Registration or a majority-in-interest of the Requesting
Investors (if any), pursuant to a Registration under Section 2.01(a) shall have the right to withdraw from a Registration
pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the
Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration
pursuant to a Demand Registration prior to its withdrawal under this Section 2.01(e).

 

Section 2.02 Piggyback
Registration.

 

(a) Piggyback
Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a
Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of
the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.01
hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (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 give written notice of such proposed filing to all of the Investors of Registrable Securities as soon as practicable
but not less than 10 days before the anticipated filing date of such Registration Statement, which notice shall (A) 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, in such offering, and (B) offer to all of the Investors of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Investors may request in writing
within five days after receipt of such written notice (such Registration a “Piggyback Registration”). The
Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback 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 by the Investors pursuant to this Section 2.02(a) to be included in a Piggyback Registration on the same
terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such
Investors proposing to distribute their Registrable Securities through an Underwritten Offering under this Section 2.02(a) shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the
Company.

 

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(b) Reduction of Piggyback
Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration,
in good faith, advises the Company and the Investors of Registrable Securities participating in the Piggyback Registration in writing
that the dollar amount or number of the Ordinary Shares that the Company desires to sell, taken together with (x) the Ordinary Shares,
if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other
than the Investors of Registrable Securities hereunder (y) the Registrable Securities as to which Registration has been requested
pursuant to Section 2.02 hereof, and (z) the Ordinary Shares, if any, as to which Registration has been requested pursuant
to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities,
then:

 

(i) If the
Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Ordinary
Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Investors exercising their rights to register their Registrable Securities pursuant to Section 2.02(a) hereof,
Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares, if any, as to which Registration
has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold
without exceeding the Maximum Number of Securities; or

 

(ii) If the
Registration is pursuant to a request by persons or entities other than the Investors of Registrable Securities, then the Company shall
include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons or
entities, other than the Investors of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of
Investors exercising their rights to register their Registrable Securities pursuant to Section 2.02(a), pro rata based on
the number of Registrable Securities that each Investor has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Investors have requested to be included in such Underwritten Registration, which can be sold
without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can
be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of
other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
or entities, which can be sold without exceeding the Maximum Number of Securities.

 

(c) Piggyback Registration
Withdrawal. Any Investor of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason
whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw
from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such
Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons
pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with
a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration
prior to its withdrawal under this Section 2.02(c).

 

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(d) Unlimited Piggyback
Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.02 hereof shall not be counted
as a Registration pursuant to a Demand Registration effected under Section 2.01 hereof.

 

Section 2.03 Registrations
on Form S-3. The Investors of Registrable Securities may at any time, and from time to time, request in writing that the Company,
pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the
resale of any or all of their Registrable Securities on Form S-3 or any similar short form Registration Statement that may be available
at such time (“Form S-3”); provided, however, that the Company shall not be obligated to
effect such request through an Underwritten Offering. Within five days of the Company’s receipt of a written request from an Investor
or Investors of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed
Registration on Form S-3 to all other Investors of Registrable Securities, and each Investor of Registrable Securities who thereafter
wishes to include all or a portion of such Investor’s Registrable Securities in such Registration on Form S-3 shall so notify
the Company, in writing, within 10 days after the receipt by the Investor of the notice from the Company. As soon as practicable thereafter,
but not more than 12 days after the Company’s initial receipt of such written request for a Registration on Form S-3, the Company
shall register all or such portion of such Investor’s Registrable Securities as are specified in such written request, together
with all or such portion of Registrable Securities of any other Investor or Investors joining in such request as are specified in the
written notification given by such Investor or Investors; provided, however, that the Company shall not be obligated to
effect any such Registration pursuant to Section 2.03 hereof if (i) a Form S-3 is not available for such offering;
or (ii) the Investors of Registrable Securities, together with the Investors of any other equity securities of the Company entitled
to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate
price to the public of less than $10,000,000.

 

Section 2.04 Restrictions
on Registration Rights. If: (a) during the period starting with the date 60 days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date 120 days after the effective date of, a Company initiated Registration and provided
that the Company has delivered written notice to the Investors prior to receipt of a Demand Registration pursuant to Section 2.01(a) and
it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective;
(b) the Investors have requested an Underwritten Registration and the Company and the Investors are unable to obtain the commitment
of Underwriters to firmly underwrite the offer; or (c) in the good faith judgment of the Board such Registration would be seriously
detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement
at such time, then in each case the Company shall furnish to such Investors a certificate signed by the Chairman of the Board stating
that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed
in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall
have the right to defer such filing for a period of not more than 30 days.

 

ARTICLE III
COMPANY PROCEDURES

 

Section 3.01 General
Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the
Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as possible:

 

(a) prepare and file with
the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best
efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold;

 

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(b) prepare and file with
the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as
may be requested by the Investors or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the Registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the
Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the
intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

(c) prior to filing a Registration
Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Investors
of Registrable Securities included in such Registration, and such Investors’ legal counsel, copies of such Registration Statement
as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and such other documents as the Underwriters and the Investors of Registrable Securities included in such Registration or the legal counsel
for any such Investors may request in order to facilitate the disposition of the Registrable Securities owned by such Investors;

 

(d) prior to any public
offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Investors of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such
action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such
other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts
and things that may be necessary or advisable to enable the Investors of Registrable Securities included in such Registration Statement
to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company
shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take
any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise
so subject;

 

(e) cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are
then listed;

 

(f) provide a transfer
agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

(g) advise each seller
of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order
by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such
purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop
order should be issued;

 

(h) at least five days
prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus
or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each
seller of such Registrable Securities or its counsel;

 

(i) notify the Investors
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening
of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement,
and then to correct such Misstatement as set forth in Section 3.04 hereof;

 

(j) permit a
representative of the Investors (such representative to be selected by a majority of the participating Investors), the Underwriters,
if any, and any attorney or accountant retained by such Investors, or Underwriter to participate, at each such person’s own
expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the
Registration; provided, however, that such representative, or Underwriters enter into a confidentiality agreement, in
form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

     8

     

    

 

(k) obtain a “cold
comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration
which the participating Investors may rely on, in customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the
participating Investors;

 

(l) on the date the Registrable
Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company
for the purposes of such Registration, addressed to the Investors, the placement agent or sales agent, if any, and the Underwriters, if
any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Investors, placement
agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters,
and reasonably satisfactory to a majority in interest of the participating Investors;

 

(m) in the event of any Underwritten Offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of
such offering;

 

(n) make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months beginning with the
first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission);

 

(o) if the Registration
involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make
available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested
by the Underwriter in any Underwritten Offering; and

 

(p) otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Investors, in connection with
such Registration.

 

Section 3.02 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Investors that the
Investors shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing the Investors.

 

Section 3.03 Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such person (a) agrees to sell such person’s securities
on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

 

Section 3.04
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or
Prospectus contains a Misstatement, each of the Investors shall forthwith discontinue disposition of Registrable Securities until it
has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby
covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is
advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued
use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure
or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for
reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Investors,
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in
no event more than 30 days, determined in good faith by the Company to be necessary for such purpose. In the event the Company
exercises its rights under the preceding sentence, the Investors agree to suspend, immediately upon their receipt of the notice
referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable
Securities. The Company shall immediately notify the Investors of the expiration of any period during which it exercised its rights
under this Section 3.04.

 

     9

     

    

 

Section 3.05 Reporting
Obligations. As long as any Investor shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the Investors with true and complete copies of all such filings. The Company further covenants that
it shall take such further action as any Investor may reasonably request, all to the extent required from time to time to enable such
Investor to sell Ordinary Shares held by such Investor without Registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission),
including providing any legal opinions. Upon the request of any Investor, the Company shall deliver to such Investor a written certification
of a duly authorized officer as to whether it has complied with such requirements.

 

ARTICLE IV
INDEMNIFICATION AND CONTRIBUTION

 

Section 4.01 Indemnification
by the Company. The Company agrees to indemnify, to the extent permitted by law, each Investor of Registrable Securities, its officers
and directors and each person who controls such Investor (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained
in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as the same are caused by or contained in any information furnished in writing to the Company by such Investor expressly for use therein.
The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the
meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Investor.

 

Section 4.02 Indemnification
by Investors. In connection with any Registration Statement in which an Investor of Registrable Securities is participating, such
Investor shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and
officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material
fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Investor expressly
for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such
Investors of Registrable Securities, and the liability of each such Investor of Registrable Securities shall be in proportion to and limited
to the net proceeds received by such Investor from the sale of Registrable Securities pursuant to such Registration Statement. The Investors
of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within
the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

Section 4.03
Indemnification Procedures. Any person entitled to indemnification herein shall (a) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice
shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the
indemnifying party) and (b) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall
not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect
to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the
indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the
payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation.

 

     10

     

    

 

Section 4.04 Effect
of Investigation. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Investor holding Registrable Securities participating in an offering also agrees to make
such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or
such Investor’s indemnification is unavailable for any reason.

 

Section 4.05 Contribution.
If the indemnification provided under Section 4.01 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability
of any Investor under this Section 4.05 shall be limited to the amount of the net proceeds received by such Investor in such
offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in Section 4.01, Section 4.02 and Section 4.03
above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.05 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this Section 4.05. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this Section 4.05 from any person who was not guilty of
such fraudulent misrepresentation.

 

ARTICLE V
MISCELLANEOUS

 

Section 5.01 Notices.
Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or
by courier service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile.
Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given,
served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in
the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as it
is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the
addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 24681 La Plaza
Ste 300, Dana Point, CA 92629, and, if to any Investor, at such Investor’s address or contact information as set forth in the Company’s
books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties
hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.01.

 

     11

     

    

  

Section 5.02 Assignment;
No Third Party Beneficiaries.

 

(a) This Agreement and
the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

 

(b) Prior to the expiration
of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Investor may assign or delegate such
Investor’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable
Securities by such Investor to a Permitted Transferee but only if such Permitted Transferee agrees to become bound by the transfer restrictions
set forth in this Agreement. After the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the
case may be, the Investor may assign or delegate such Investor’s rights, duties or obligations under this Agreement, in whole or
in part, to any transferee.

 

(c) This Agreement and
the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted
assigns of the Investors, which shall include Permitted Transferees.

 

(d) This Agreement shall
not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and
Section 5.02 hereof.

 

(e) No assignment by any
party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until
the Company shall have received (i) written notice of such assignment as provided in Section 5.01 hereof and (ii) the
written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement
(which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as
provided in this Section 5.02 shall be null and void.

 

Section 5.03 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced.

 

Section 5.04 Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (A) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF
SUCH JURISDICTION AND (B) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW
YORK COUNTY IN THE STATE OF NEW YORK.

 

Section 5.05 Amendments
and Modifications. Upon the written consent of the Company and the Investors of at least a majority in interest of the Registrable
Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be
waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Investor, solely in its capacity as a holder of the shares
of the Company, in a manner that is materially different from the other Investors (in such capacity) shall require the consent of the
Investor so affected. No course of dealing between any Investor or the Company and any other party hereto or any failure or delay on the
part of a Investor or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or
remedies of any Investor or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

     12

     

    

  

Section 5.06 Other Registration
Rights. The Company represents and warrants that no person, other than an Investor of Registrable Securities, has any right to require
the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed
by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

Section 5.07 Term.
This Agreement shall terminate upon the earlier of (a) the tenth anniversary of the date of this Agreement or (b) the date as
of which (i) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the
applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated
thereafter by the Commission)) or (ii) the Investors of all Registrable Securities are permitted to sell the Registrable Securities
under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.05 and ARTICLE IV shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

     13

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
	 	a Cayman Islands exempted company
	 	 	 
	 	By:	/s/ Mohan Ananda
	 	 	Name: Mohan Ananda
	 	 	Title: Chief Executive Officer

 

	 	INVESTORS:
	 	 	 
	 	INNOVATIVE INTERNATIONAL SPONSOR I LLC
	 	A Delaware limited liability company
	 	 	 
	 	By:	/s/ Mohan Ananda
	 	Mohan Ananda
	 	Managing Member

 

	 	Cantor Fitzgerald & Co.
	 	 	 
	 	By:	/s/ Sage Kelly                      
	 	 	Name: Sage Kelly
	 	 	Title:

 

	 	J.V.B. Financial Group, LLC
	 	 	 
	 	By:	/s/ Douglas Listman
	 	 	Name: Douglas Listman
	 	 	Title: Chief Financial Officer

 

[Signature Page to Registration Rights Agreement]

 

     14Exhibit 10.4

 

INNOVATIVE INTERNATIONAL ACQUISITION CORP.

24681 La Plaza Ste 300

Dana Point, CA 92629

 

October 26, 2021

Innovative International Sponsor I LLC

24681 La Plaza Ste 300

Dana Point, CA 92629

 

Re: Administrative Services Agreement

 

Ladies and Gentlemen:

 

This letter agreement by and
between Innovative International Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Innovative
International Sponsor I LLC, dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the
Company are first listed on The Nasdaq Capital Market LLC (the “Listing Date”), pursuant to a Registration Statement
on Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration Statement”) and continuing
until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each case
as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”):

 

(i) Innovative International
Sponsor I LLC, the Company’s sponsor, shall make available, or cause to be made available, to the Company, at 24681 La Plaza Ste
300, Dana Point, CA 92629 (or any successor location of Innovative International Sponsor I LLC), office space and administrative and support
services. In exchange therefor, the Company shall pay Innovative International Sponsor I LLC the sum of $10,000 per month on the Listing
Date and continuing monthly thereafter until the Termination Date; and

 

(ii) Innovative International
Sponsor I LLC hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or
arising out of, this letter agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts
due to it out of, the trust account established for the benefit of the public shareholders of the Company and into which substantially
all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably
waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any
monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim
against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement constitutes
the entire agreement and understanding of the parties hereto in respect of its subject matter 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 amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may
assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval of
the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee.

 

     

     

    

 

This letter agreement constitutes
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law
or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without
giving effect to its choice of laws principles.

 

This letter agreement may
be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same letter agreement.

 

[Signature Page Follows]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/
Mohan Ananda
	 	 	Name: 	Mohan Ananda
	 	 	Title:	Chief Executive Officer

 

	AGREED TO AND ACCEPTED BY:	 
	 	 
	INNOVATIVE INTERNATIONAL SPONSOR I LLC	 
	 	 	 	                                                       
	By:	 /s/ Mohan Ananda	 
	 	Name: 	Mohan Ananda	 
	 	Title:	Managing Member	 

 

[Signature Page to Administrative Services
Agreement]

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