Document:

Exhibit 10.2

 

, 2021

 

Bannix Acquisition Corp.

300 Tice Boulevard; Suite 315 

Woodcliff Lake, New Jersey 07677

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
to be entered into by and among Bannix Acquisition Corp., a Delaware corporation (the “Company”) and
I-Bankers Securities, Inc. (“I-Bankers”) as representative of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of up to 5,750,000 of the Company’s units (including up to 750,000 units that may be purchased
to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s common
stock, par value $0.01 per share (the “Common Stock”), one right (the “Rights”) and
one redeemable warrant. Each Right entitles the holder to receive one-tenth of one share of Common Stock upon consummation of the
initial business combination. Each warrant (each, a “Warrant”) entitles the holder thereof to purchase
one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering
pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company
with the Securities and Exchange Commission (the “Commission”) and the Units have been approved to be listed on The
Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Subash Menon and Sudeesh Yezhuvath (through
their investment entity Bannix Management LLP), Suresh Yezhuvath and Seema Rao (collectively,the “Sponsor”)
and each of the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team
and ____________(the “Anchor Investors”), solely in their capacity as a stockholder of the Company, (each,
an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows:

 

The Sponsor and each Insider
agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed
Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of any proposed
Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder
approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider agrees that
it, he or she will not seek to sell its, his or her shares of Common Stock to the Company in connection with such tender offer.

 

1.                  
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within 15 months from the closing of the Public Offering (or up to 21 months if the Company extended such period in accordance
with the Company’s amended and restated certificate of incorporation (the “Charter”)) or such later
period approved by the Company’s stockholders in accordance with the Company’s 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 Common Stock 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 its taxes (which interest shall be net
of taxes payable, and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering
Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders of the Company (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 stockholders and the Company’s
board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide
for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment
to the Company’s Charter that would modify (i) 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 15 months from the closing of the Public Offering
(or up to 21 months if the Company extended such period in accordance with the Company’s Charter) or (ii) the other provisions
relating to stockholders’ rights or pre-initial business combination activities, unless the Company provides its Public Stockholders
with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of amounts
released for payment of taxes) divided by the number of then outstanding Offering Shares. The Sponsor and each Insider agree to
waive its redemption rights with respect to shares of Capital Stock owned by it in connection with a stockholder vote to approve
an amendment to the Company’s Charter (A) to modify 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 18 months from the closing of the Public
Offering or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination
activity.

 

    	 

    	 

    

 

2.                  
The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in
or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with
respect to the Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares
of Common Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation
of a Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve
such Business Combination or in the context of a tender offer made by the Company to purchase shares of Common Stock (although
the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to
any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 15 months from the date of
the closing of the Public Offering (or up to 21 months if the Company extended such period in accordance with the Company’s
Charter)).

 

3.                  
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date,
the Sponsor and each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules
and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Capital Stock, Warrants or any securities
convertible into, or exercisable, or exchangeable for, shares of Common Stock 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,
shares of Capital Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock
owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or
(iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver of the restrictions set forth in this paragraph
3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service
at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective
two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the
release or waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee has
agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer.

 

4.                  
In the event of the liquidation of the Trust Account, 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 (other than the Company’s
independent accountants) 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 for 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) $10.15
per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of
the Trust Account, due to reductions in the value of the trust assets, 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.

 

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5.                  
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 750,000
Units within 30 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 187,500 shares. The forfeiture will be adjusted to the extent
that the over-allotment option is not exercised in full by the Underwriters so that the Initial Stockholders will own an aggregate
of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (excluding the _______
representative shares).

 

6.                  
(a)           Each Insider who is an officer of the Company hereby agrees not to participate in the formation of or to become
an officer of any other special purpose acquisition company with a class of securities registered under the Exchange Act, until
the Company has entered into a definitive agreement with respect to a Business Combination or unless the Company has failed to
complete a Business Combination within 15 months after the closing of the Public Offering (or up to 21 months if the Company extended
such period in accordance with the Company’s Charter).

 

(b)                
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably
injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6(a),
7(a), 7(b), and 9 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.

 

7.                  
(a)            The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares until the earlier
of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s
initial Business Combination, (x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 90 days after the consummation of the Company’s initial Business Combination, or (y) the date
on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that
results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property (the “Founder Shares Lock-up Period”).

 

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

 

(c)                
Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement
Warrants and shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants that are held by the
Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to
the Company’s officers or directors, any affiliates or  
family members of any of the Company’s officers or directors, any affiliates of the Sponsor, any members of the Sponsor,
or any of their affiliates, officers, directors, direct and indirect equityholders; (b) in the case of an individual, 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) 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 shares were originally purchased; (f) in case of an entity, as a
distribution to its partners, shareholders, officers or members upon its liquidation; and (g) by virtue of the laws of the State
of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; provided, however, that
in the case of clauses (a) through (g), these permitted transferees must enter into a written agreement agreeing to be bound by
the restrictions herein.

 

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8.                  
The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from
membership in any securities or commodities exchange or association or had a securities or commodities license or registration
denied, suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information
included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the
Insider’s background. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in
all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any
legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any
crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining
to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

9.                  
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, consulting
fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in
order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction
that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion
of the initial Business Combination: payment to the Sponsor for office space, utilities and secretarial and administrative support
for a total of $5,000 per month; reimbursement for any out-of-pocket expenses related to identifying, investigating and consummating
an initial Business Combination; and repayment of loans, if any, and on such terms as to be determined by the Company from time
to time, made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with
an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a
portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as
no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into units at
a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units, including,
with respect to the warrants included therein, as to exercise price, exercisability and exercise period.

 

10.               
The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including,
without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this
Letter Agreement and, as applicable, to serve as an officer and/or a director of the Company and hereby consents to being named
in the Prospectus as an officer and/or a director of the Company.

 

11.               
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean the
1,437,500 shares of the Company’s common stock, par value $0.01 per share, held by the Initial Stockholders (up to an aggregate
of 187,500 shares of which are subject to complete or partial forfeiture by the Sponsor and the Anchor Investors if the over-allotment
option is not exercised in full by the Underwriters); (iv) “Initial Stockholders” shall mean the Sponsor, the Anchor
Investors and any other holder of Founder Shares immediately prior to the Public Offering; (v) “Private Placement Units”
shall mean the 330,000 units of the Company (or 360,000 units if the over-allotment option is exercised in full) that the certain
initial stockholders and the Anchor Investors have agreed to purchase for an aggregate purchase price of $3,300,000 in the aggregate
(or $3,375,000 if the over-allotment option is exercised in full), in a private placement that shall occur simultaneously with
the consummation of the Public Offering; (vi) “Public Stockholders” shall mean the holders of securities issued in
the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the
Public Offering and the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer” shall mean
the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and
the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b).

 

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12.               
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.

 

13.               
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder
without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and
ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement
shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14.               
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than
the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation,
promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement
shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns
and permitted transferees.

 

15.               
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.

 

16.               
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.

 

17.               
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 the 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.

 

18.               
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.

 

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	 	Sincerely,
	 	 	 
	 	BANNIX ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:	Subash Menon
	 	Title:	Chairman and Chief Executive Officer
	 	 	 
	 	By:	 

 

[Signature Page to Letter Agreement]

 

6Exhibit
10.3

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of _____________, 2021,
by and between Bannix Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-253324 (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s common stock, par value $0.01 per share (the “Common Stock”),
and one redeemable warrant, each warrant entitling the holder thereof to purchase one share of Common Stock and one right entitling
each holder to receive one-tenth of one share of common stock(such initial public offering hereinafter referred to as the “Offering”),
has been declared effective as of the date hereof (the “Effective Date”) by the U.S. Securities and Exchange
Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with I-Bankers
Securities Inc., as representative (the “Representative”) of the underwriters (the “Underwriters”)
named therein;

 

WHEREAS,
as described in the Prospectus, and in accordance with the Company’s amended and restated certificate of incorporation, as
the same may be amended from time to time (the “Charter”), $________ of the proceeds of the Offering
and sale of the Private Placement Units (as defined in the Underwriting Agreement) (or $__________, if the Underwriters’
over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account
located at all times in the United States (the “Trust Account”) for the benefit of the Company and the
holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to
the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the
stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

 WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property.

 

NOW
THEREFORE, IT IS AGREED:

 

1. Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee in the United States at J.P. Morgan Chase Bank, N.A., (or at another U.S.-chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Company;

 

(b) Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company; the trustee may not invest in any other securities or assets, it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder;
while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration;

 

    	 

    	 

    

 

(d) Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e) Promptly
notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f) Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation or completion
of the audit of the Company’s financial statements by the Company’s auditors;

 

(g) Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h) Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i) Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with the terms of, a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by the Chief Executive Officer, Chief Financial Officer,
President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, and
complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (which interest
shall be net of taxes payable, and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses),
only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is, the later
of (1) 18 months after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders
in accordance with the Charter if a Termination Letter has not been received by the Trustee prior to such date, in which case the
Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and
the Property in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of
interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record
as of such date; provided, however, that the Trustee has no obligation to monitor or question the Company’s position that
an allocation has been made for taxes payable;

 

(j) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested
by the Company to cover any tax obligation, including any franchise tax obligations, owed by the Company as a result of assets
of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic
funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority,
as applicable; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation,
the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such
distribution, so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided,
further, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied
by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial
officer of the Company setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess
of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility
to look beyond said request;

 

    	2

    	 

    

 

(k) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the remitting brokers on behalf of Public Stockholders redeeming shares of Common
Stock the amount required to pay for redeemed shares of Common Stock from Public Stockholders in connection with a stockholder
vote to approve an amendment to the Charter (i) modify the substance or timing of the Company’s obligation to allow redemption
in connection with a Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold in the Offering
if the Company does not complete a Business Combination within the time period set forth in the Company’s Charter or (ii)
with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity. The written
request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds,
and the Trustee shall have no responsibility to look beyond said request; and

 

(l) Not
make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), 1(j) or 1(k) above.

 

 2. Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to
its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in
relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given
by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such
instructions in writing;

 

(b) Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The
Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall
obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall
not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c) Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees unless the disbursements are made to the Company pursuant to Section 1(i) solely in
connection with the completion of a Business Combination (defined below). The Company shall pay the Trustee the initial acceptance
fee and the first annual administration fee at the consummation of the Offering and thereafter on the anniversary of the Effective
Date. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c),
Schedule A and as may be provided in Section 2(b) hereof;

 

(d) In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting (which inspector of elections may be the Trustee) verifying the vote of such stockholders regarding such Business Combination;

 

(e) Provide
the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

    	3

    	 

    

 

(f) Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

(g) Expressly
provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit
A that the Deferred Discount be paid directly to the account or accounts directed by the Representative on behalf of the Underwriters
prior to any transfer of the funds held in the Trust Account to the Company or any other person.

 

 3. Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a) Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b) Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c) Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d) Refund
any depreciation in principal of any Property;

 

(e) Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also
as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable
care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice
or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced
by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee
are affected, unless it shall give its prior written consent thereto;

 

(g) Verify
the accuracy of the information contained in the Registration Statement;

 

(h) Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i) File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j) Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not
limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

    	4

    	 

    

 

(k) Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

 4. Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the
Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

 5. Termination.
This Agreement shall terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become
subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee,
including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety
(90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon
such deposit, the Trustee shall be immune from any liability whatsoever;

 

(b) At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance
with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b) and Section 4;
or

 

(c) If
the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by
the Trustee from the Company or any sponsor, as applicable, shall be returned promptly following the receipt by the Trustee of
written instructions from the Company.

 

 6. Miscellaneous.

 

(a) The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names,
account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not
be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b) This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This
Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

    	5

    	 

    

 

(d) This
Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent
of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means
(i) receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s
stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law,
as amended (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock
of the Company voting together as a single class, have voted in favor of such change, amendment or modification, or (ii) the Company’s
stockholders of record as of the record date who hold sixty-five percent (65%) or more of all then outstanding shares of the Common
Stock of the Company voting together as a single class, have delivered to the Trustee a signed writing approving such change, amendment
or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his, her or its election to redeem
his, her or its shares of Common Stock in connection with a stockholder vote sought to amend this Agreement, including a corresponding
change to the Charter. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct,
the Trustee may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of
all liability to any party for executing the proposed amendment in reliance thereon.

 

(e) The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS
AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

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

 

 if
to the Trustee, to:

 

Continental Stock
Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

 if
to the Company, to:

 

Bannix
Acquisition Corp. 

300 Tice Boulevard; Suite 315

Woodcliff Lake, New Jersey 07677

	 	Attn:	Subash Menon
	 	Email:	subash.menon@bannixmanagement.com

 

in each
case, with copies to:

 

Loeb & Loeb
LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell Nussbaum, Esq.

Email:mnussbaum@loeb.com

 

    	6

    	 

    

 

 and:

 

Shearman &
Sterling LLP

Bank of America Tower

800 Capital Street; Suite 2200

Houston, Texas 77002

Attn:

Email:

 

(g) Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance.

 

(h) This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i) This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(j) Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third
party beneficiary of this Agreement.

 

(k) Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL
    STOCK TRANSFER &
	 	TRUST
    COMPANY, as Trustee
	 	 
	 	By:	 
	 	Name:	 Francis
    Wolf
	 	Title:	 Vice President
	 	 
	 	BANNIX
    ACQUISITION CORP.
	 	 
	 	By:	 
	 	Name:	 Subash
    Menon
	 	Title:	Chief Executive Officer

 

[Signature
Page to Investment Management Trust Agreement]

 

    	8

    	 

    

 

 SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount
	Initial set-up fee	 	Initial closing of Offering by wire transfer	 	$	3,500.00	 
	Trustee administration fee	 	First year, initial closing of Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k)	 	Billed to Company following disbursement made to Company under Sections 1(i), 1(j) and 1(k)	 	$	250.00	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates	 

 

    	 

    	 

    

  

EXHIBIT
A

 

 [Letterhead
of Company]

 

 [Insert
date]

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
- Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

 Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Bannix Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of _________, 2021 (the
“Trust Agreement”), this is to advise you that the Company has entered into an agreement with [__________]
(the “Target Business”) to consummate a business combination with the Target Business (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance
(or such shorter time as you may agree) of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust
Account and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on
the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or
accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of
the Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in
the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Representative will
earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Company
(the “Notification”) and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive
Officer, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote
is held and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds
held in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”).
You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification
and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in
the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the
Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed
expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the
Trust Agreement on the business day immediately following the Consummation Date as set forth in such notice as soon thereafter
as possible.

 

    	A-1

    	 

    

 

	 	Very truly yours,
	 	 
	 	Bannix Acquisition Corp.
	 	 
	 	By:	 
	 	Name:	Subash Menon
	 	Title:	Chief Executive Officer

 

	Acknowledged and Agreed:	 
	 	 
	I-Bankers Securities, Inc.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	A-2

    	 

    

 

EXHIBIT
B

 

 [Letterhead
of Company]

 

 [Insert
date]

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
- Termination Letter

 

 Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Bannix Acquisition Corp.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
dated as of _________, 2021 (the “Trust Agreement”), this is to advise you that the Company did not
effect a business combination with a Target Business (the “Business Combination”) within the time frame
specified in the Company’s Charter, as described in the Company’s Prospectus relating to the Offering. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and
transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public
Stockholders. The Company has selected [_________, 20__]1 as the effective date for the purpose of determining when
the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of
record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders
in accordance with the terms of the Trust Agreement and the Company’s Charter. Upon the distribution of all the funds, net
of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Bannix Acquisition Corp.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 cc:	I-Bankers Securities, Inc.
	 	 	 	 

	 	1	15 months from the closing of the Offering or at a later date, if extended.

 

    	B-1

    	 

    

 

EXHIBIT
C

 

 [Letterhead
of Company]

 

 [Insert
date]

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
- Withdrawal Instruction

 

 Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Bannix Acquisition Corp.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
dated as of _________, 2021 (the “Trust Agreement”), the Company hereby requests that you deliver to
the Company $[_____] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance
with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
upon your receipt of this letter to the Company’s operating account at:

 

 [WIRE
INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Bannix Acquisition Corp.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	cc:	I-Bankers Securities, Inc.

 

    	C-1

    	 

    

 

EXHIBIT
D

 

 [Letterhead
of Company]

 

 [Insert
date]

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
- Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Bannix Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of _________, 2021 (the
“Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders
of the Company $[_____] of the principal and interest income earned on the Property as of the date hereof to a segregated account
held by you on behalf of the Beneficiaries for distribution to the Public Stockholders who have requested redemption of their shares
of Common Stock. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed
by the Company in connection with a stockholder vote to approve an amendment to the Company’s Charter to (i) modify the substance
or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of
the shares of Common Stock included in the Units sold in the Offering if the Company does not complete a Business Combination within
the time period set forth in the Company’s Charter or (ii) with respect to any other provision relating to stockholders’
rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter.

 

	 	Very truly yours,
	 	 
	 	Bannix Acquisition Corp.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	cc:	I-Bankers Securities, Inc.

 

 D-1

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