Document:

Exhibit 10.1

 

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”),
is effective as of July 11, 2022 (the “Effective Date”) by and between Kiromic Biopharma, Inc., a Delaware
corporation (the “Company”), and Dr. Leonardo Mirandola (the “Executive”). Throughout the remainder
of the Agreement, the Company and Executive may be individually referred to as a ‘party” or collectively referred to as “the
parties.”

 

W I T N E S S E T H:

 

WHEREAS, the Company wishes to continue to employ
the Executive, and the Executive desires to accept such continued employment with the Company, upon the terms and conditions of this Agreement;

 

NOW, THEREFORE, in consideration of the foregoing,
of the mutual promises herein, and of other good and valuable consideration, including the continued employment of the Executive by the
Company and the compensation to be received by the Executive from the Company from time to time, and specifically the compensation to
be received by the Executive pursuant to Section 4 below, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending legally to be bound, hereby agree as follows:

 

1.              Employment. 
As of the Effective Date, the Company hereby employs the Executive and the Executive hereby accepts employment as Chief Scientific Officer
(“CSO”) of the Company upon the terms and conditions of this Agreement.  The Executive shall report to the Chief
Executive Officer (“CEO”) of the Company.

 

2.              Duties.

 

(a)              The
Executive shall faithfully perform all duties of the Company related to the position held by the Executive, including but not limited
to all duties set forth in this Agreement and all additional duties that are prescribed from time to time by the Board, the CEO and in
all cases such duties shall be consistent with the position of a CSO of a publicly traded company having similar characteristics to the
Company.  The Executive shall devote substantially all of the Executive’s business time to the performance of the Executive’s
duties and responsibilities on behalf of the Company.  Executive, subject to the Executive’s obligations hereunder, shall also
be permitted to make personal investments, perform reasonable volunteer services and, with the written prior consent of the Company, serve
on outside boards of directors for non-profit or for profit corporations.  The Executive shall comply in all material respects with
all applicable written Company policies, standards, rules and regulations (the “Company Policies”) and all government
laws, rules and regulations applicable to the Company’s business that are now or hereafter in effect.  The Executive acknowledges
receipt of copies of all written Company Policies that are in effect as of the date of this Agreement.

 

     

     

    

 

(b)              Subject
to reasonable business travel, Executive shall work at the company’s headquarters in Houston Texas, with the option to work from
home once per week with at least 7-day advance notice to the CEO of the specific day of the week that employee intends to work at home.

 

3.              Term. 
The term of this Agreement shall continue until terminated by either party as set forth in Section 5 below (the “Term”).

 

4.              Compensation. 
During the Term, as compensation for the services rendered by the Executive under this Agreement, the Executive shall be entitled to receive
the following (all payments are subject to applicable tax withholdings):

 

(a)              Base
Salary.  Executive shall be paid a gross base annual salary in the amount of $280,000 (the “Base Salary”),
which shall be payable in accordance with the then-current payroll schedule of the Company.  The payment to the Executive will be
net of the Executive’s personal applicable tax withholdings.  The Executive’s Base Salary will be reviewed periodically
and may be increased from time to time by the Company at its discretion.

 

(b)              Annual
Performance Bonuses.  Executive shall be eligible to participate in any bonus or similar incentive plan adopted by the Company
as approved by the Board of Directors (“Board”) for executives at Executive’s level, based on a target of $75,000. 
The amount awarded, if any, to the Executive under any bonus or incentive plan shall be in the discretion of the Board or any committee
administering such plan.  Except as provided in Section 5(c)(ii) below, Executive must be employed as of December 31
of any calendar year to be eligible for a bonus under this Section 4(b).

 

(c)              Equity.
Executive shall be eligible to participate in any equity compensation plan or similar program adopted by the Company for executives at
the Executive’s level.  The amount awarded, if any, to the Executive under any such plan shall be in the discretion of the
Board and shall be subject to the terms and conditions of any plan or program adopted or approved by the Board, and the applicable award
agreement. In this regard, the equity compensation awards granted to the Executive shall continue in effect pursuant to their terms.

 

(d)              Benefits.
The Executive shall be entitled to receive those benefits provided from time to time to other executive employees of the Company, in accordance
with the terms and conditions of the applicable plan documents; provided that the Executive meets the eligibility requirements thereof. 
All such benefits are subject to amendment or termination from time to time by the Company without the consent of the Executive or any
other employee of the Company.

 

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(e)              Paid
Time Off.  The Executive shall be entitled to four weeks of paid time off (“PTO”) to be taken in accordance
with the Company’s standard PTO policies. In addition, the Executive shall be entitled to three weeks of paternity leave at 60%
of the Executive’s base salary outlined in section 4(a). The paternity leave shall be taken continuously starting at anytime it
is considered appropriate and agreed upon by the Executive and the Company.

 

(f)              Business
Expenses.  The Company will reimburse Executive for reasonable travel, entertainment, and other expenses incurred by Executive
in the furtherance of the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement
policy for senior executives as in effect from time to time. Provided, however, that the Company will make the reimbursement only if the
corresponding expense is incurred during the term of this Agreement and the reimbursement is made on or before the last day of the calendar
year following the calendar year in which the expense is incurred, the amount of expenses eligible for such reimbursement during a calendar
year will not affect the amount of expenses eligible for such reimbursement in another calendar year, and the right to such reimbursement
is not subject to liquidation or exchange for another benefit from the Company.

 

(g)              Professional
Development Allowance. The Company shall reimburse Executive, up to $1,000 annually, for expenses he incurs to develop skills related
to the biotechnology industry, networking or any other opportunity approved by the CEO. Such amounts will be paid within thirty (30) days
after Executive’s submission of acceptable documentation of such amounts.

 

5.              Termination. 
This Agreement and the Executive’s employment by the Company shall or may be terminated, as the case may be, as follows:

 

(a)              Termination
by the Executive.  The Executive may terminate this Agreement and Executive’s employment by the Company:

 

   (i)          for
 “Good Reason” (as defined herein).  For purposes of this Agreement, “Good Reason” shall mean, the
existence, without the consent of the Executive, of any of the following events: (A) the Executive’s duties and responsibilities
are substantially reduced or diminished; (B) the Executive’s base salary is materially reduced from the level prior to such
reduction, except for an across-the-board reduction in base salary for all executive officers, (C) the Company materially breaches
its obligations under this Agreement; or (D) the Executive’s place of employment is relocated outside of the Company’s
Houston headquarters.  In addition to any requirements set forth above, in order for any of the above events to constitute “Good
Reason”, the Executive must (X) inform the Company in writing of the existence of the event within 90 days of the initial existence
of the event, after which date the Company shall have no less than 30 days to cure the event which otherwise would constitute “Good
Reason” hereunder and, if such event is uncured, (Y) the Executive must terminate employment with the Company for such “Good
Reason,” on at least 10 days’ prior written notice, no later than 30 days after the end of the aforementioned 30-day cure
period.

 

   (ii)         Other
than for Good Reason 90-120 days after written notice to the Company.

 

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(b)              Termination
by the Company.  The Company may terminate this Agreement and the Executive’s employment by the Company upon notice to
the Executive (or personal representative):

 

   (i)         at
any time and for any reason;

 

   (ii)         upon
the death of the Executive, in which case this Agreement shall terminate immediately; provided that, such termination shall not prejudice
any benefits payable to the Executive’s spouse or beneficiaries which are fully vested as of the date of death;

 

   (iii)       if
the Executive is “permanently disabled” (as defined herein), in which case this Agreement shall terminate immediately; provided
that, such termination shall not prejudice any benefits payable to the Executive, the Executive’s spouse or beneficiaries which
are fully vested as of the date of the termination of this Agreement.  For purposes of this Agreement, the Executive shall be considered
 “permanently disabled” when a qualified medical doctor mutually acceptable to the Company and the Executive or the
Executive’s personal representative shall have certified in writing that:  (A) the Executive is unable, because of a medically
determinable physical or mental disability, to perform substantially all of the Executive’s duties, with or without a reasonable
accommodation, for more than 180 calendar days measured from the last full day of work; or (B) by reason of mental or physical disability,
it is unlikely that the Executive will be able, within 180 calendar days, to resume substantially all business duties and responsibilities
in which the Executive was previously engaged and otherwise discharge the Executive’s duties under this Agreement; or

 

   (iv)       for
cause” (as defined herein).  “For cause” shall be determined by the Company and shall mean:

 

A.              Any
material breach of the terms of this Agreement by the Executive or the material and deliberate failure of the Executive to diligently
perform the Executive’s duties for the Company; provided, however, that, to the extent such grounds for cause are curable, the Company
must first provide Executive with written notice of the grounds under this Section 5(b)(iv)A and a period of ten (10) business
days in which to cure such grounds;

 

B.              The
Executive’s unauthorized use of the Company’s tangible or intangible property (excluding incidental use) that results (or
would be reasonably likely to result) in material harm to the Company, or Executive’s material breach of the Confidentiality Agreement
(as defined herein) or any other similar written agreement between Executive and the Company regarding confidentiality, intellectual property
rights, non-competition or non-solicitation; provided, however, that, to the extent such grounds for cause are curable, the Company must
first provide Executive with written notice of the grounds under this Section 5(b)(iv)B and a period of ten (10) business
days in which to cure such grounds;

 

C.              Any
material failure to comply with applicable material Company Policies, government laws, rules and regulations applicable to the Company’s
business and/or directives of the Board consistent with Executive’s position; provided, however, that, to the extent such grounds
for cause are curable, the Company must first provide Executive with written notice of the grounds under this Section 5(b)(iv)C and
a period of ten (10) business days in which to cure such grounds;

 

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D.              The
Executive’s use of illegal drugs or any illegal substance, or the Executive’s use of alcohol, in any case, in any manner that
materially interferes with the performance of the Executive’s duties under this Agreement; provided, however, that, to the extent
such grounds for cause are curable, the Company must first provide Executive with written notice of the grounds under this Section 5(b)(iv)D and
a period of ten (10) business days in which to cure such grounds;

 

E.              Any
action taken by the Executive in bad faith which is materially detrimental to the interest and well-being of the Company, including, without
limitation, material harm to its reputation; provided, however, that, to the extent such grounds for cause are curable, the Company must
first provide Executive with written notice of the grounds under this Section 5(b)(iv)E and a period of ten (10) business
days in which to cure such grounds; or

 

F.              The
Executive’s failure to fully disclose any material conflict of interest that the Executive may have with the Company in a transaction
between the Company and any third party which is materially detrimental to the interest and well-being of the Company; provided, however,
that, to the extent such grounds for cause are curable, the Company must first provide Executive with written notice of the grounds under
this Section 5(b)(iv)F and a period of ten (10) business days in which to cure such grounds.

 

(c)              Obligations
of the Company Upon Termination.

 

   (i)         Upon
the termination of this Agreement: (A) by the Executive pursuant to Section 5(a)(ii) above; or (B) by the Company
pursuant to Sections 5(b)(ii), 5(b)(iii) or 5(b)(iv) above the Company shall have no further obligations hereunder other
than the payment of all compensation and other benefits payable to the Executive through the date of such termination, all of which shall
be paid on or before the Company’s next regularly scheduled payday unless such amount is not then-calculable, in which case payment
shall be made on the first regularly scheduled payday after the amount is calculable (provided that in the case of a termination by the
Company pursuant to Sections 5(b)(ii) or 5(b)(iii) above, then (1) Executive (or his estate, as applicable) shall be entitled
to receive payment of any bonus earned in the year prior to the year of termination but that is unpaid as of the termination date, to
be paid at the same time such bonus would have been paid if no such termination had occurred (the “Earned But Unpaid Bonus”)
and (2) All unvested stock options and RSUs will all vest upon the termination date and the time for the Executive to exercise all
options granted and vested shall be equal to the term of the option (the “Termination Options”).

 

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   (ii)        Upon
termination of this Agreement:  (A) by the Executive pursuant to Section 5(a)(i) above; or (B) by the Company
pursuant to Section 5(b)(i) above and provided that the Executive first executes and does not revoke a release agreement
in a form provided to Executive by the Company (the “Release”) within the time period specified in the Release, but
in any event no later than sixty (60) days after the date of termination:  (1) the Company shall pay the Executive an amount
equal to twelve (12) months of Executive’s then-current Base Salary (less all applicable tax withholdings) payable in installments
during the one year period immediately following the termination date in accordance with the then-current generally applicable payroll
schedule of the Company commencing on the first regularly scheduled pay date of the Company processed after Executive has executed, delivered
to the Company the Release and the revocation period for the Release has expired without revocation (with the first payment to include
a catchup for any amounts that would have been paid had the Release been effective on the termination date); (2) conditioned on Executive’s
proper and timely election to continue the Company’s health insurance benefits under COBRA, or under applicable state law, reimbursement
of the additional costs incurred by Executive for continuing such benefits at the same level in which Executive participated prior to
the date Executive’s employment terminated  for the shorter of (a) twelve (12) months from the date of termination or
(b) until the Executive obtains reasonably comparable coverage, with such reimbursements to begin at the same time as severance pay
set forth in this Section 5(c)(ii); (3) the Earned But Unpaid Bonus (if any), to be paid at the same time such bonus would have
been paid if no such termination had occurred; (4) all stock options, restricted stock unit and other stock-based awards granted
to Executive that were scheduled to vest during the 24 month period immediately following Executive’s termination of employment
shall become immediately vested and exercisable (if applicable) and with respect to restricted stock units and similar awards, including
the RSUs, shall be settled within 30 days after the termination date; and (5) Executive shall be entitled to receive his annual bonus
for the year of termination as determined by the Board, pro-rated based on the number of days that Executive was employed by the Company
during the year in which such termination of employment occurred (to be paid at the same time such bonus would have been paid if no such
termination had occurred).

 

(d)              Resignation
as Officer and Director. Upon termination of this Agreement and the Executive’s employment hereunder for any reason by either
party, the Executive shall be deemed to have resigned from all offices and positions the Executive may hold with the Company at such time
including without limitation Board membership and/or positions as an officer of the Company.

 

6.              Confidentiality
Agreement.  This Agreement is conditioned on Executive executing and delivering to the Company simultaneously with this Agreement
the Company’s standard Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement in the form of
that annexed hereto as Exhibit A (the “Confidentiality Agreement”). The terms of the Confidentiality Agreement
and any other similar agreement regarding confidentiality, intellectual property rights, non-competition or non-solicitation between the
Company and the Executive, are hereby incorporated by reference and are a material part of this Agreement.

 

7.              Representations
and Warranties.

 

(a)              The
Executive represents and warrants to the Company that the Executive’s performance of this Agreement and as an employee of the Company
does not and will not breach any noncompetition agreement or any agreement to keep in confidence proprietary information acquired by the
Executive in confidence or in trust prior to the Executive’s employment by the Company.  The Executive represents and warrants
to the Company that the Executive has not entered into, and agrees not to enter into, any agreement that conflicts with or violates this
Agreement.

 

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(b)              The
Executive represents and warrants to the Company that the Executive has not brought and shall not bring with the Executive to the Company,
or use in the performance of the Executive’s responsibilities for the Company, any materials or documents of a former employer which
are not generally available to the public or which did not belong to the Executive prior to the Executive’s employment with the
Company, unless the Executive has obtained written authorization from the former employer or other owner for their possession and use
and provided the Company with a copy thereof.

 

8.              Indemnification. 
The Company will indemnify and hold harmless the Executive from any liabilities and expenses arising from Executive’s actions as
an officer, director or employee of the Company to the fullest extent permitted by law, excepting any unauthorized acts or illegal conduct
which breaches the terms of this or any other agreement or Company policy, including but not limited to the Confidentiality Agreement. 
Executive will be entitled to indemnification under the Company’s Directors and Officers insurance policy during his employment
with the Company and for the six (6) year period thereafter on terms no less favorable than any other officer of the Company.

 

9.              Notices. 
All notices, requests, consents, approvals, and other communications to, upon, and between the parties shall be in writing and shall be
deemed to have been given, delivered, made, and received when:  (a) personally delivered; (b) deposited for next day delivery
by Federal Express, or other similar overnight courier services; (c) transmitted via facsimile or other similar device to the attention
of the Company President with receipt acknowledged; or (d) three days after being sent or mailed by certified mail, postage prepaid
and return receipt requested, addressed

 

If to the Company,

 

Kiromic Biopharma, Inc.

7707 Fannin Street, Suite 140

Houston, TX 77054

Attn: CEO

 

If to Executive:

 

Leonardo Mirandola, PhD 

6133 Palomino Drive 

Plano, TX 75024

 

10.            Effect. 
This Agreement may be assigned by the Company to its successors in interests.  This Agreement shall be binding on and inure to the
respective benefit of the Company and its successors and assigns and the Executive and Executive’s personal representatives.

 

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11.            Entire
Agreement.  This Agreement and the Confidentiality Agreement and any other similar agreement regarding confidentiality, intellectual
property rights, non-competition or non-solicitation constitute the entire agreement between the parties with respect to the matters set
forth herein and supersede all prior agreements and understandings between the parties with respect to the same, including, without limitation,
Executive’s Employment Agreement with the Company dated January 27, 2021, as amended by the Addendum to Employment Agreement,
dated August 18, 2021 and Addendum to Employment Agreement, dated December 13, 2021.

 

12.            Severability. 
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision.

 

13.            Amendment
and Waiver.  A waiver of any breach of this Agreement shall not constitute a waiver of any other provision of this Agreement
or any subsequent breach of this Agreement. No provision of this Agreement may be amended, modified, deleted, or waived in any manner
except by a written agreement executed by the parties.

 

14.            Section 409A
Matters.  This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986,
as amended and the Treasury Regulations and other applicable guidance thereunder (“Section 409A”).  To the
extent that there is any ambiguity as to whether this Agreement (or any of its provisions) contravenes one or more requirements of Section 409A,
such provision shall be interpreted and applied in a matter that does not result in a Section 409A violation.  Without limiting
the generality of the above:

 

(a)              For
clarity, the severance benefits specified in this Agreement (the “Severance Benefits”) are only payable upon a “separation
from service” as defined in Section 409A.  The Severance Benefits shall be deemed to be series of separate payments, with
each installment being treated as a separate payment.  The time and form of payment of any compensation may not be deferred or accelerated
to the extent it would result in an impermissible acceleration or deferral under Section 409A.

 

(b)              To
the extent this Agreement contains payments which are subject to Section 409A (as opposed to exempt from Section 409A), the
Executive’s rights to such payments are not subject to anticipation, alienation, sale, transfer, pledge, encumbrance, attachment
or garnishment and, where applicable, may only be transferred by will or the laws of descent and distribution.

 

(c)              To
the extent the Severance Benefits are intended to be exempt from Section 409A as a result of an “involuntary separation from
service” under Section 409A, if all conditions necessary to establish the Executive’s entitlement to such Severance Benefits
have been satisfied, all Severance Benefits shall be paid or provided in full no later than December 31st of the first calendar
year following the calendar year in which the Executive’s employment terminated unless another time period is applicable. 
To the extent required by Section 409A, any portion of the severance benefits payable to Executive under Section 5(c)(ii) above that
are contingent on the Executive’s execution and non-revocation of the Release and that could be paid in the calendar year in which
Executive terminates employment or in the immediately following calendar year, depending on when the Release becomes effective shall be
paid on the first payroll date in such immediately following calendar year to the extent required by Section 409A or such later date
required by Section 5(c)(ii) above (with all remaining payments of such severance benefits to be paid as if no such delay
had occurred).

 

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(d)              If
the Executive is a “specified employee” (as defined in Section 409A) on the termination date and a delayed payment is
required by Section 409A to avoid a prohibited distribution under Section 409A, then no Severance Benefits that constitute “non-qualified
deferred compensation” under Section 409A shall be paid until the earlier of (i) the first day of the 7th month following
the date of Employee’s “separation from service” as defined in Section 409A, or (ii) the date of Employee’s
death.  Upon the expiration of the applicable deferral period, all payments deferred under this clause shall be paid in a lump sum
and any remaining severance benefits shall be paid per the schedule specified in this Agreement.

 

(e)              The
Company makes no representation that this Agreement will be exempt from or compliant with Section 409A and makes no affirmative undertaking
to preclude Section 409A from applying.

 

15.            Governing
Law; Consent to Jurisdiction.  This Agreement shall be construed, interpreted, and governed in accordance with and by Texas law
and the applicable provisions of federal law (“Applicable Federal Law”).  Any and all claims, controversies, and
causes of action arising out of or relating to this Agreement, whether sounding in contract, tort, or statute, shall be governed by the
laws of the state of Texas, including its statutes of limitations, except for Applicable Federal Law, without giving effect to any Texas
conflict-of-laws rule that would result in the application of the laws of a different jurisdiction. Both Executive and the Company
acknowledge and agree that the state or federal courts located in Houston, Texas have personal jurisdiction over them and over any dispute
arising under this Agreement, and both Executive and the Company irrevocably consent to the jurisdiction of such courts.

 

16.            Counterparts. 
This Agreement may be executed in more than one counterpart, each of which shall be deemed an original, and all of which shall be deemed
a single agreement. Photographic copies, electronically scanned copies and other facsimiles of this Agreement (including signed
counterparts) may be used in lieu of the originals for any purpose.

 

17.            Headings. 
The headings herein are for convenience only and shall not affect the interpretation of this Agreement.

 

[The remainder of this page is intentionally
left blank.]

 

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IN WITNESS WHEREOF, the parties have executed this
Agreement as of the day and year first above written.

 

 

	
    
	
    KIROMIC BIOPHARMA INC.

	 	 
	 	 	 	 
	By:	/s/ Leonardo Mirandola	 	By:	/s/ Pietro Bersani
	 	Dr. Leonardo Mirandola	 	 	Name: Pietro Bersani
	 	 	Title: Chief Executive Officer

 

[Signature page for Executive Employment Agreement.]

 

    10Exhibit 10.2

 

[●], 2022

 

Inkstone Feibo Acquisition Corporation

221 W 9th St, PMB 235

Wilmington, DE 19801 

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 between among Inkstone Feibo Acquisition Corporation, a Delaware corporation (the “Company”),
and US Tiger Securities, Inc. (“US Tiger”), relating to an underwritten initial public offering (the “Public
Offering”), of up to 6,900,000 of the Company’s units (including up to 900,000 units that may be purchased to cover
over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A common stock,
par value $0.0001 per share (the “Class A Common Stock”), and one-half of one redeemable warrant (each, a “Warrant”).
Each whole Warrant entitles the holder thereof to purchase one share of Class A Common Stock 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 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 Global Market. Certain capitalized terms used herein are defined in
paragraph 12 hereof.

 

In order to induce the
Company and US Tiger, as a representative (the “Representative”) of the several underwriters (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, Inkstone Feibo Acquisition Sponsor, LLC (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
or a personnel of the Company or a designee of them (each, an “Insider” and collectively, the “Insiders”)
(the Sponsor, the Insiders and their affiliates or designees, together the “Initial Stockholders”), hereby agrees
with the Company as follows:

 

1.          Each
of the Initial Stockholders 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 (A) vote any shares of Capital Stock owned by it, him or her in favor
of any proposed Business Combination, (B) not to propose, or vote in favor of, prior to and unrelated to an initial Business Combination,
an amendment to the amended and restated certificate of incorporation of the Company that would affect the substance or timing
of the Company’s redemption obligation to redeem all Public Shares (defined below) if the Company cannot complete an initial
Business Combination within the Completion Period (defined below), unless the Company provides Public Stockholders (defined below)
an opportunity to redeem their Public Shares in conjunction with any such amendment, (C) not to redeem any Founder Shares or Private
Shares held by it, him or her into the right to receive cash from the Trust Account in connection with a stockholder vote to approve
our proposed initial Business Combination or sell any shares to the Company in any tender offer in connection with the proposed
initial Business Combination, and (D) that the Founder Shares and Private Shares shall not participate in any liquidating distribution
upon winding up if a Business Combination is not consummated within the Completion Period. For purposes of this agreement, the
“Completion Period” refers to the period following the completion of this offering at the end of which, if the Company
has not completed an initial business combination, the Company will redeem 100% of the Public 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 our taxes, if any (less up to $75,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Public Shares, subject to applicable law and certain conditions and as further
described herein. Pursuant to the amended and restated certificate of incorporation of the Company, the Completion Period ends
12 months from the closing of the Public Offering, which may be extended up to two times by an additional three-month period each
time for a total of 18 months from the closing of the Public Offering.

 

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2.          The
Sponsor and each Insider agree that in the event that the Company fails to consummate a Business Combination within the Completion
Period or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated
certificate of incorporation, 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 shares of Class A Common Stock sold as part of the Units in the Public
Offering (the “Public 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 (less up to $75,000 of interest to pay dissolution expenses), divided by the number of then outstanding
Public 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.

 

3.                 
Each of the Initial Stockholders 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 or Private Shares held by it, him or her. The Sponsor and each Insider hereby further waive, with respect to
any shares of Capital 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 Capital
Stock (although the Initial Stockholders shall be entitled to redemption and liquidation rights with respect to any Public Shares
it or they hold if the Company fails to consummate a Business Combination within the Completion Period).

  

    	 	2	 

     

    

 

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) $10.20 per share of the Public
Shares or (ii) such lesser amount per share of the Public Shares held in the Trust Account due to reductions in the value of the
trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount of interest earned on the
property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target)
who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act. 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.

 

5.                 
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 900,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor and Insiders agree to forfeit a
pro rata portion of, at no cost, a number of Founder Shares in the aggregate equal to the product of 225,000 multiplied by a fraction,
(i) the numerator of which is 900,000 minus the number of Units purchased by the Underwriters upon the exercise of their
over-allotment option, and (ii) the denominator of which is 900,000. 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 (assuming that our Sponsor and the
Insiders do not purchase any Public Shares or Units in the Public Offering).

 

6.                 
In the event that the Company fails to consummate a Business Combination within 12 months of the closing of the Public Offering,
the Sponsor or its affiliates may request Company to extend the period of time for the Company to consummation a Business Combination
up to two times by an additional three-month period each time for a total of up to 18 months of the closing of the Public Offering
(the “Extension”). If the Sponsor requests an Extension, the Sponsor, its affiliates or designees shall deposit
into the Trust Account an amount equal to $600,000 (or up to $690,000 if the over-allotment option is exercised), representing
$0.10 for each Public Share upon five days advance notice prior to the applicable deadline. The Sponsor, its affiliates or designees
will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit either be paid upon consummation
of the initial Business Combination solely from funds available outside of the Trust Account or, at the relevant Insider’s
discretion, converted upon consummation of the Business Combination into Working Capital Units at a price of $10.00 per Working
Capital Unit. Pursuant to this Letter Agreement, the Sponsor, its affiliates or designees have agreed to waive their right to be
repaid for such notes in the event that the Company fails to complete a Business Combination.

 

    	 	3	 

     

    

 

7.                 
The Sponsor and each Insider hereby agree and acknowledge 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, 8(a), 8(b),
and 10 of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in
the event of such breach.

 

8.                 
(a) The Sponsor and each Insider agree that it, he or she shall not Transfer 50% of its Founder Shares until the earlier to occur
of: (A) six months after the completion of the Company’s initial Business Combination, or (B) the date on which the closing
price of the Company’s Class A Common Stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends,
reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the completion
of the Company’s initial Business Combination; and shall not Transfer the remaining 50% of the Founder Shares until the six
months after the completion of the Company’s initial Business Combination, or earlier, in either case, if, subsequent to
the Company’s initial Business Combination, 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 Class A Common Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

(b) Each of the Sponsor and
their affiliates or designees agrees that it, he or she shall not Transfer any Private Units or Working Capital Units until after
30 days after the completion of a Business Combination (the “Private Units Lock-up Period”, together with the
Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions
set forth in paragraphs 8(a) and (b), Transfers of the Founder Shares, Private Units, or Working Capital Units that are held by
the Initial Stockholders or any of their permitted transferees (that have complied with this paragraph 8(c)), are permitted (a)
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any members of the Sponsor or any of their affiliates, officers, directors, direct and indirect equity holders; (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) transfers by private sales or transfers made in connection with
the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased;
(f) transfers in the event of the Company’s liquidation prior to the completion of an initial Business Combination; and (g)
transfers by virtue of the laws of the State of Delaware or the Sponsor’ limited liability company agreement upon dissolution
of the Sponsor; provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into
a written agreement agreeing to be bound by the restrictions herein.

 

    	 	4	 

     

    

 

9.                 
Each of the Sponsor and the Insiders 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. Each
of the Initial Stockholders 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. The Company represents and warrants that, to its
knowledge, (i) none of its Insiders has 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, (ii) 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 such advisor’s background and each advisor’s
questionnaire furnished to the Company is true and accurate in all respects, (iii) none of its Insiders is 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; and (iv) none of its Insiders has been convicted of, or pleaded guilty
to, any crime (x) involving fraud, (y) relating to any financial transaction or handling of funds of another person, or (z) pertaining
to any dealings in any securities and none of its advisors is currently a defendant in any such criminal proceeding.

 

10.              
Except as disclosed in the Prospectus, the Initial Stockholders, will not be entitled to receive and will not accept any compensation
or other cash payment prior to the consummation of the Business Combination; provided that the Company shall be allowed to repay
working capital loans (including the loans in connection with the Extension) made by the Sponsor, its affiliates or designees to
the Company in cash upon consummation of the Business Combination. Notwithstanding the foregoing, each Insider and any affiliate
of such Insider shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with
identifying, investigating and consummating a Business Combination.

 

 11.              
Each of the Initial Stockholders has full right and power, without violating any agreement to which it, he or she 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 on the board of directors of the Company and hereby
consents to being named in the Prospectus as an officer and/or a director of the Company.

 

    	 	5	 

     

    

 

12.              
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 Class A Common Stock and Class B common stock, par value $0.0001 per share of the
Company; (iii) “Founder Shares” shall mean the 1,100,000 shares of the Class A Common Stock, and 625,000 shares
of the Company’s Class B common stock, par value $0.0001 per share, held by the Sponsor and certain of the Insiders (up to an
aggregate 225,000 shares of the Class B common stock are subject to complete or partial forfeiture by the Sponsor and the Insider,
pro rata, if the over-allotment option is not exercised in full by the Underwriters); (iv) “Private Shares” shall
mean up to 450,000 shares of Class A Common Stock included in the Private Units; (v) “Private Units” shall mean
414,000 units, with each unit consisting of one share of Class A Common Stock and one-half of one redeemable warrant that entitles
the holder to purchase one share of Class A Common Stock at a price of $11.50 per share (or up to 450,000 units if the
over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $4,140,000 in
the aggregate (or up to $4,500,000 if the over-allotment option is exercised in full), or $10.00 per unit, 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 Units shall be deposited; (ix)
“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 Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of
such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a)
or (b); and (x) “Working Capital Units” shall mean private units issuable upon conversion of the maximum
aggregated amount of $3,000,000 of working capital (including the loans in connection with the Extension), if any, at $10.00 per
unit, upon the consummation of the Business Combination. 

  

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

 

14.              
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other 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.

 

15.              
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties
hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be binding on each of the undersigned and his, her or its respective successors, heirs and assigns and permitted transferees.

 

16.              
This Letter Agreement may be executed in any number of original or electronically transmitted counterparts (including “pdf,”
“tif” or “jpg” formats or electronic signatures, including DocuSign or AdobeSign) 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.

 

    	 	6	 

     

    

 

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

 

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

 

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

 

20.              
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by [●], 2022; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature page follows]

 

    	 	7	 

     

    

 

	 	Sincerely,	 
	 	 	 
	 	INKSTONE FEIBO ACQUISITION CORPORATION	 
	 	 	 
	 	By:	 	 
	 	Name:	 I-Fa Chang	 
	 	Title:	CEO and Chairman	 

 

[Signature Page to the Insider Letter Agreement-Company]

 

    	 	8	 

     

    

 

	
         

        Inkstone Feibo Acquisition Sponsor LLC
	 	
        I-Fa Chang

        (Chairman and CEO)

	 	 	 
	By:	 	 	 
	Name: I-Fa Chang	 	 
	Title: Manager	 	 

 

	Xuedong (Tony) Tian	 	Hanzhong (Han) Li
	(Chief Financial Officer and Director)	 	(Independent Director)
	 	 	 
	 	 	 
	Teng-Wei Chen	 	Kevin Vassily
	(Independent Director)	 	(Independent Director)
	 	 	 

 

[Signature Page to the Insider Letter Agreement–
Initial Stockholders]

 

    	 	9

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