Document:

Exhibit 10.1

 

THE OFFER AND SALE OF THIS PROMISSORY NOTE (THIS
 “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	 	 	Dated as of April 17, 2021
	Principal Amount: Up to $300,000	 	Dana Point, CA

 

Innovative International Acquisition
Corp., a Cayman Islands exempted company and blank check company with offices at 24681 La Plaza Ste 300, Dana Point, CA 92629 (the “Maker”),
promises to pay to the order of Innovative International Sponsor I LLC, a Delaware limited liability company with offices at 24681 La
Plaza Ste 300, Dana Point, CA 92629 or its registered assigns or successors in interest (together, the “Payee”), the
principal sum of up to Three Hundred Thousand Dollars ($300,000) (the “Maximum Amount”) in lawful money of the United
States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately
available funds, or as otherwise determined by Maker, to such account as Payee may from time to time designate by Notice (as defined in
Section 9) to Maker in accordance with the provisions of this Note.

 

1.             Principal.
The principal balance of this Note shall be payable by Maker on the earlier of: (i) December 31, 2021 (the “Maturity Date”)
or (ii) the date on which Maker consummates an initial public offering of its securities (the “IPO”). The principal
balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director,
employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.

 

2.             Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.             Drawdown
Requests. Maker and Payee agree that Maker may request up to the Maximum Amount for costs reasonably related to Maker’s initial
public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) December
31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written request from Maker to
Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be
an amount less than Ten Thousand Dollars ($10,000), unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no
later than five business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively
under this Note shall not exceed the Maximum Amount. Once an amount is drawn down under this Note, such amount shall not be available
for future Drawdown Requests, even if such amount is prepaid. No fees, payments or other amounts shall be due to Payee in connection
with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied, first, to
payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’
fees, and second, to the reduction of the unpaid principal balance of this Note.

 

4.             Application
of Payments. All payments shall be applied, first, to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, second, to the payment in full of any late charges,
and third, to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.             Events
of Default. The following events shall constitute an event of default (“Event of Default”):

 

5.1       Failure
to Make Required Payments. The failure by Maker to pay the principal amount due pursuant to this Note within five business days
of the Maturity Date.

 

5.2       Voluntary
Bankruptcy, Etc. The: (a) commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law; (b) consent by Maker to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker for any substantial part of its property, (c) making
by Maker of any assignment for the benefit of creditors; (d) the failure of Maker generally to pay its debts as such debts become
due; or (e) taking of any corporate action by Maker in furtherance of any of the foregoing events described in Section 5.2(a)
 – Section 5.2(d).

 

5.3       Involuntary
Bankruptcy, Etc. The: (a)(i) entry of a decree or order for relief by a court having jurisdiction in the premises in respect of
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, (ii) appointment of a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or (iii) the ordering of the winding-up or liquidation of Maker’s affairs; and (b) continuance of any such decree,
appointment, or order unstayed and in effect for a period of 60 consecutive days.

 

6.             Remedies.

 

6.1       Upon
the occurrence of an Event of Default specified in Section 5.1, Payee may, by Notice to Maker, declare this Note to be due
immediately and payable by Maker, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, notwithstanding anything contained herein or in the documents evidencing the same to the contrary.

 

6.2       Upon
the occurrence of an Event of Default specified in Section 5.2 and Section 5.3, the unpaid principal balance of this
Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable by Maker, in
all cases without any action on the part of Payee.

 

7.             Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive: (a) presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note; (b) all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note; and (c) all benefits that might accrue to Maker by virtue of any present or future laws
(i) exempting any property, real or personal, or any part of the proceeds arising from any sale of any such real or personal property,
from attachment, levy or sale under execution, or (ii) providing for any stay of execution, exemption from civil process, or extension
of time for payment. Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.             Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that Maker’s liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee. Maker consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note. Maker agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without either any Notice to Maker or any bearing on Maker’s liability hereunder.

 

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9.             Notices.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address
that may be designated by the receiving party from time to time in accordance with this Section 9). A Notice shall be deemed to
have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email (with confirmation of transmission) if sent
during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or
(d) on the third day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid).
..

 

10.          Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

11.          Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.          Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim
of any kind (each, a “Claim”) in or to any distribution of or from the trust account to be established (the “Trust
Account”), in which the proceeds of both the (a) IPO (including the deferred underwriters discounts and commissions) and (b)
sale of the warrants to be issued in a private placement to occur at the closing of the IPO are to be deposited, as described in greater
detail in the Registration Statement on Form S-1 and prospectus to be filed with the Securities and Exchange Commission in connection
with the IPO. Payee hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever.

 

13.          Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of both Maker
and Payee.

 

14.          Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto. Any attempted assignment without the required
consent shall be void.

 

[Signature page follows]

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the
day and year first above written.

 

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

 

[Signature Page to Promissory Note]Exhibit 10.2

 

[________], 2021

 

Innovative International Acquisition Corp.

24681 La Plaza Ste 300

Dana Point, CA 92629

 

Re: Initial Public Offering

 

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 Innovative International Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and Cantor Fitzgerald & Co. as representative (the “Representative”) of the several underwriters (each,
an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”), of up to 25,000,000 of the Company’s units (including
up to 3,750,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised
of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”),
and one-third of one warrant. Each whole Warrant (each, a “Warrant”) entitles the holder thereof to purchase
one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a
registration statement on Form S-1 (File No. 333-[__________]) and prospectus (the “Prospectus”) filed
by the Company with the Securities and Exchange Commission (the “Commission”) and the Company shall apply to
have the Units listed on The Nasdaq Capital Market. Certain capitalized terms used herein are defined in Section 13 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, Innovative International Sponsor I LLC, a Delaware limited
liability company (the “Sponsor”), and the undersigned individuals, each of whom is a member of the Company’s
board of directors and/or management team (each, an “Insider” and collectively, the “Insiders”),
hereby agree with the Company as follows:

 

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

 

2. Liquidation; Charter
Amendment; Trust Account Funds.

 

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

 

     

     

    

 

(b) The Sponsor
and each Insider agrees to not propose any amendment to the Charter (i) that would affect the substance or timing of the Company’s
obligation to allow redemption in connection with the Business Combination or to redeem 100% of the Offering Shares if the Company does
not complete a Business Combination within the time period described in the Prospectus or (ii) with respect to any other provision
relating to shareholders’ rights or pre-Business Combination activity, unless the Company provides its Public Shareholders with
the opportunity to redeem their Ordinary Shares upon approval of any such amendment at a price per Ordinary Share, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not
previously released to the Company to pay any taxes, divided by the number of then issued and outstanding Offering Shares.

 

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

 

3. Section 16 Matters.
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, (a) 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, Ordinary Shares, Founder Shares, Private Placement Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, (b) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Ordinary Shares,
Founder Shares, Private Placement Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned
by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) publicly
announce any intention to effect any transaction specified in clause (a) or (b). The Sponsor and each Insider acknowledge and agree
that, prior to the effective date of any release or waiver, of the restrictions set forth in this Section 3 or Section 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 Section 3 will not apply if the release or waiver is effected
solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in
this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

4. Trust Account Liquidation.
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 (a) any third party for services rendered or products sold to the Company or (b) a prospective target
business with which the Company has entered into a letter of intent, confidentiality or other similar agreement or a Business Combination
agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall
apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than the Company’s independent
public accountants) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00
per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account due to reductions in the value of the
trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount of interest earned on the property
in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target) who executed a
waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the
Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any such
executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability
for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory
to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in
writing that it shall undertake such defense.

 

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5. Forfeiture.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,750,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number
of Founder Shares in the aggregate equal to 937,500 multiplied by a fraction, (a) the numerator of which is 3,750,000 minus the number
of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (b) the denominator of which is 3,750,000.
The Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Sponsor and Insiders will own an
aggregate of 20.0% of the Company’s issued and outstanding equity shares after the Public Offering.

 

6. Specific Performance.
The Sponsor and each Insider hereby agrees and acknowledges that: (a) 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 Section 1, Section 2,
Section 3, Section 4, Section 5, Section 7(a), Section 7(b), Section 8,
Section 9 and Section 10, as applicable, of this Letter Agreement (b) monetary damages may not be an adequate
remedy for such breach and (c) 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. Lock-Up Restrictions.

 

(a) The Sponsor
and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or Ordinary Shares issuable upon conversion thereof)
until the earlier of (i) six months after the completion of the Company’s initial Business Combination or (ii) subsequent
to the Business Combination, (x) if the last sale price of the Ordinary Shares equals or exceeds $12.00 per Ordinary Share (as adjusted
for share splits, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing 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 (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, until 30 days after the completion of a
Business Combination (such period, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding
the provisions set forth in Sections 7(a) and Sections 7(b), Transfers of the Founder Shares, Private Placement Warrants
or the Ordinary Shares issued or issuable upon the conversion of the Private Placement Warrants or the Founder Shares and that are held
by the Sponsor, any Insider or any of their permitted transferees (that have complied with this Section 7(c)), are permitted
(i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any members of the Sponsor, or any affiliates of the Sponsor; (ii) in the case of an individual, transfers by gift to a member of
the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or
an affiliate of such person, or to a charitable organization; (iii) in the case of an individual, transfers by virtue of laws of
descent and distribution upon death of the individual; (iv) in the case of an individual, transfers pursuant to a qualified domestic
relations order; (v) transfers by private sales or transfers made in connection with the consummation of a Business Combination at
prices no greater than the price at which the securities were originally purchased; (vi) transfers in the event of the Company’s
liquidation prior to the completion of an initial Business Combination; and (vii) transfers 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 (i) through (v) or (vii), these permitted transferees must enter into a written agreement agreeing to be bound by
the restrictions herein.

 

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8. Director and Officer
Appointments. Each of the Insiders agrees to be a director or officer of the Company, as applicable, until the earlier of the
consummation by the Company of an initial Business Combination, the liquidation of the Company, or his or her removal, death or incapacity.
In the event of the removal or resignation of an Insider as a director or officer (as applicable), each Insider agrees that he or she
will not, prior to the consummation of the Business Combination, without the prior express written consent of the Company, (a) use
for the benefit of the undersigned or to the detriment of the Company or (b) disclose to any third party (unless required by law
or governmental authority), any information regarding a potential Target that is not generally known by persons outside of the Company,
the Sponsor, or their respective affiliates.

 

9. Approval of Business
Combination. The undersigned acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination
with a Target that is affiliated with any of the Insiders of the Company or their affiliates, such transaction must be approved by a majority
of the Company’s disinterested directors and the Company must obtain an opinion from an independent investment banking firm or another
independent entity that commonly renders valuation opinions for the type of company the Company is seeking to acquire that such Business
Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

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

 

11. No Insider Payments.
Except as disclosed in the Prospectus, neither the Sponsor, nor any Insider, nor any affiliate of either the Sponsor or any Insider, nor
any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement or cash payments prior to
or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination
(regardless of the type of transaction that it is), other than the amounts described in the Prospectus under the heading “Summary
 – The Offering – Limited Payments to Insiders.”

 

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

 

13. Defined Terms.
As used herein, (a) “Business Combination” shall mean a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (b) “Shares”
shall mean, collectively, the Ordinary Shares, the Founder Shares and the Ordinary Shares issued or issuable upon the conversion of the
Private Placement Warrants or the Founder Shares; (c) “Founder Shares” shall mean the 7,187,500 of the
Company’s Class B ordinary shares, par value $0.0001 per share, initially issued to the Sponsor (up to 937,500 Shares of which
are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters) for an
aggregate purchase price of $25,000, or $0.003 per share, prior to the consummation of the Public Offering; (d) “Private
Placement Warrants” shall mean the 4,666,667 Warrants of the Company that the Company is selling in a private placement
that shall occur simultaneously with the consummation of the Public Offering; (e) “Public Shareholders”
shall mean the holders of securities issued in the Public Offering; (f) “Trust Account” shall mean the
trust fund located in the United States into which a portion of the net proceeds of the Public Offering shall be deposited; (g) “Transfer”
shall mean the (i) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and the
rules and regulations of the Commission promulgated thereunder with respect to, any security, (ii) 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 (iii) public announcement of any intention
to effect any transaction specified in clause (g)(i) or (g)(ii); and (h) “Charter” shall mean the
Company’s memorandum and articles of association, as the same may be amended from time to time.

 

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14. Entire Agreement.
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.

 

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

 

16. Third-Party Beneficiaries.

 

(a) The Company,
the Sponsor and each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party beneficiary
of this Letter Agreement.

 

(b) Subject
to Section 16(a), nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other
than the Representative and 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 Representative, the parties hereto, and each of their respective successors,
heirs, personal representatives and assigns and permitted transferees.

 

17. Counterparts.
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.

 

18. Severability.
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.

 

19. Governing Law; Submission
to Jurisdiction. 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 (a) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way
to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (b) waive any objection to such exclusive jurisdiction
and venue or that such courts represent an inconvenient forum.

 

20. Notices.
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.

 

    - 5 -

     

    

 

21. Term. This
Letter Agreement shall terminate on the earlier of (a) the expiration of the Lock-up Periods or (b) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by December 31, 2021; provided, further, that Section 4 of this Letter Agreement shall survive such
liquidation.

 

[Signature Page Follows]

 

    - 6 -

     

    

 

	 	Sincerely,
	 	Innovative International Sponsor I LLC
	 	 
	 	By:	 
	 	Name: 	Mohan Ananda
	 	Title: 	Managing Member
	 	 	 
	 	Mohan Ananda
	 	Madan Menon
	 	Elaine Price
	 	Anuradha George
	 	Valarie Sheppard
	 	Nisheet Gupta
	 	[insert name]
	 	[insert name]

 

Acknowledged and Agreed:

 

Innovative International Acquisition Corp.

 

	By:	 	 
	Name:	Mohan Ananda	 
	Title:	Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

 

    - 7 -

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