Document:

Exhibit 10.6

 

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated
as of August 12, 2021 (“Agreement”), by and among ARMADA ACQUISITION CORP. I, a Delaware corporation (“Company”),
the stockholders of the Company listed on Exhibit A hereto (the “Founders”) and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, a New York limited purpose trust company (“Escrow Agent”).

 

WHEREAS, the Company was formed
for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company has
entered into an Underwriting Agreement, dated August 12, 2021 (“Underwriting Agreement”), with Northland
Securities, Inc. (the “Representative”) acting as representative of the several underwriters (collectively,
the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 15,000,000
units (“Units”) of the Company, plus an additional 2,250,000 Units if the Representative exercises the
over-allotment option in full. Each Unit consists of one share of the Company’s common stock, par value $0.0001 per share
(“Common Stock”), and one-half of one warrant (“Warrant”), each whole Warrant to purchase one
share of Common Stock, all as more fully described in the Company’s final Prospectus, dated August 12, 2021
(“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-257692)
under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on August 12, 2021
(“Effective Date”).

 

WHEREAS, the Founders have agreed
as a condition of the sale of the Units to deposit their shares of Common Stock of the Company in escrow as hereinafter provided.

 

WHEREAS, the Company and the Founders
desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment of Escrow
Agent. The Company and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement
and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2. Deposit of Shares.
On or before the Effective Date, the Founders’ respective shares of Common Stock set forth on Exhibit A hereto shall be deposited
in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. The Founders acknowledge that the shares deposited
in escrow will be legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement of the
Escrow Shares.

 

3.1 If the over-allotment option
to purchase all or a portion of the additional 2,250,000 Units of the Company is not exercised in full within 45 days of the date of the
Prospectus (as described in the Underwriting Agreement), Armada Sponsor LLC (the “Sponsor”) and the Founders agree
that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying
1,125,000 by a fraction, (i) the numerator of which is 2,250,000 minus the number of shares of Common Stock included in the Units purchased
by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 2,250,000. The Company shall
promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if
any, purchased by the Underwriters in connection with the exercise thereof.

 

    
 

     

    

 

 

 

3.2 Except as otherwise set forth
herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1 above (such remaining
shares to be referred to herein as the “Escrow Shares”) until 180 days after the date of the consummation of an initial
Business Combination (such period of time during which the Escrow Shares are held in escrow, the “Escrow Period”).
The Company shall promptly provide notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion
of the Escrow Period, the Escrow Agent shall disburse such amount of each Founder’s Escrow Shares to the applicable Founder; provided,
however, that if, after the consummation of an initial Business Combination and during the Escrow Period, the Company (or the surviving
entity) consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such
entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon
receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form
reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved,
as applicable, release the Escrow Shares to the Founders. The Escrow Agent shall have no further duties hereunder after the disbursement
of the Escrow Shares in accordance with this Section 3.2.

 

3.3 If the Escrow Agent is
notified by the Company pursuant to Section 6.7 hereof that the Company’s Trust Account (as defined in that certain Investment Management
Trust Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) is being liquidated,
then the Escrow Agent shall deliver the certificates representing the Escrow Shares to the Founders promptly after the public stockholders
are paid the liquidating distributions and shall have no further duties hereunder.

 

4. Rights of Founders
in Escrow Shares.

 

4.1 Voting Rights as a Stockholder.
Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Founders shall retain all
of their rights as stockholders of the Company as long as any shares are held in escrow pursuant to this Agreement, including, without
limitation, the right to vote such shares.

 

4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement, all dividends
payable in cash with respect to the Escrow Shares shall be paid to the Founders, but all dividends payable in stock or other non-cash
property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used
herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions on Transfer.
During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and the Company’s officers,
directors, consultants or their affiliates, (ii) to a Founder’s stockholders, partners or members upon such Founder’s liquidation,
(iii) by bona fide gift to a member of the Founders’ immediate family or to a trust, the beneficiary of which is a Founder or a
member of a Founder’s immediate family for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon
death of a Founder, (v) pursuant to a qualified domestic relations order binding on a Founder, (vi) to the Company for no value for cancellation
in connection with the consummation of a Business Combination or (vii) by private sales of the Escrow Shares made at or prior to the consummation
of a Business Combination at prices no greater than the price at which the Escrow Shares were originally purchased; provided, however,
that except for clause (vi) or with the Company’s prior written consent, such permitted transfers may be implemented only upon the
respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed
by the Founder transferring the shares.

 

4.4 Insider Letter.
The Founders have executed letter agreement with the Company, dated as of the date hereto, the form of which is filed as an exhibit to
the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Founders in certain events,
including, but not limited to, the liquidation of the Company. 

 

5. Concerning the Escrow
Agent.

 

5.1 Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent in good faith to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent
shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced
by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto.

 

    
 

     

    

 

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding
involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent
hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence, fraud or willful
misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of
any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine
ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain
the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing
to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive
in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation. Subject
to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder.
The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the administration
of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes
or other governmental charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Founders shall deliver or cause to be delivered to the Escrow Agent
such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request
to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that
it is protected in acting hereunder.

 

5.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved by the Representative,
which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed within the 60-day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems
appropriate in the State of New York.

 

5.6 Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any
time by all of the other parties hereto; provided, however, that such resignation shall become effective only upon the appointment of
a successor escrow agent selected by the Company and approved by the Representative, which approval will not be unreasonably withheld,
conditioned or delayed.

 

5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence, fraud or
willful misconduct.

 

5.8 Waiver. The Escrow
Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any
distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

 

    
 

     

    

 

 

6. Miscellaneous.

 

6.1 Governing Law. This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes
of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives
the right to trial by jury.

 

6.2 Third Party Beneficiaries.
Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary of this Agreement.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.

 

6.4 Headings. The headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors
and assigns.

 

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

 

If to the Company, to:

 

Armada Acquisition Corp. I

2005 Market Street

Philadelphia, PA 19103

Email: dlurio@luriolaw.com

 

If to a Founder, to his/her/its
address set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Client Administration Dept.

Fax No.:

Email: accountadmin@continentalstock.com

 

A copy of any notice sent hereunder
shall be sent to:

 

Northland Securities,
Inc.

750 3rd Avenue

New York, NY 10017

Attn: Jeff Peterson

Email: jpeterson@northlandcapitalmarkets.com

 

    
 

     

    

 

 

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

and:

 

Ellenoff Grossman &
Schole, LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser,
Esq.

Fax No.: (212) 370-7889

Email: SNeuhauser@egsllp.com

 

The parties may change the persons
and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.7 Liquidation of the Trust
Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account in the event that the
Company fails to consummate a Business Combination within the time period specified in the Company’s Amended and Restated Certificate
of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts. This
Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by facsimile transmission
and together shall constitute one instrument.

 

[Signature Page Follows]

 

 

 

    	 

    	 

    

 

WITNESS the execution of this
Agreement as of the date first above written.

 

	 	 
	 	ARMADA ACQUISITION CORP. I
	 	 
	 	By:	/s/ Stephen P. Herbert
	 	Name:	Stephen P. Herbert
	 	Title:	Chief Executive Officer and Chairman 
	 	 
	 	ARMADA SPONSOR LLC
	 	 
	 	By:	/s/ Stephen P. Herbert
	 	Name:	Stephen P. Herbert
	 	Title:	Managing Member
	 	 	 
	 	By:	/s/ Douglas M. Lurio
	 	Name:	Douglas M. Lurio 
	 	Title:	Managing Member
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Stacy Aqui
	 	Name:	Stacy Aqui
	 	Title:	Vice President

 

	 	 
	 	 	/s/ Douglas M. Lurio
	 	 	Douglas M. Lurio
	 	 	 
	 	 	 
	 	 	/s/ Stephen P. Herbert
	 	 	Stephen P. Herbert
	 	 	 
	 	 	 
	 	 	/s/ Mohammad A. Khan
	 	 	Mohammad A. Khan
	 	 
	 	 
	 	 	/s/ Thomas A. Decker
	 	 	Thomas A. Decker
	 	 
	 	 
	 	 	/s/ Celso L. White
	 	 	Celso L. White 

 

 

[Signature Page to Stock Escrow Agreement]

 

    
 

     

    

 

  

EXHIBIT A

 

	Name and Address of Founder	Number of Shares 
	 	 
	ARMADA SPONSOR LLC

2005 Market Street, Suite 3120 

Philadelphia, PA 19103

Attn: Douglas M. Lurio	
    6,007,500

     

	
    Douglas M. Lurio

    2005 Market Street, Suite 3120

    Philadelphia, PA 19103
	50,000
	
    Stephen P. Herbert

    P.O. Box 2339

    Breckinridge, CO 80424
	50,000
	
    Thomas A. Decker

    1659 Market Street

    Philadelphia, PA 19103
	35,000
	
    Mohammad A. Khan

    2238 Bentley Ridge Dr.

    San Jose, CA 95138
	35,000
	
    Celso L. White

    81 Cherry Hills Farm Drive

    Englewood, CO 80113
	35,000Exhibit 10.7

 

Northland Securities, Inc.

150 South 5th Street, Suite 3300

Minneapolis, MN 55402

 

 August 12, 2021

 

Armada Acquisition Corp. I

2005 Market Street, Suite 3120

Philadelphia, PA 19103

Attn: Stephen P. Herbert, CEO

 

Ladies and Gentlemen:

 

This is to confirm our agreement (this “Agreement”)
whereby Armada Acquisition Corp. I, a Delaware corporation (“Company”), has requested Northland Securities, Inc. (the
“Advisor”) to assist it in connection with the Company’s merger, share exchange, asset acquisition, share purchase,
recapitalization, reorganization or similar business combination (in each case, a “Business Combination”) with one
or more businesses or entities (each a “Target”) as described in the Company’s Registration Statement on Form
S-1 (File No. 333-257692) filed with the Securities and Exchange Commission (“Registration Statement”) in connection
with its initial public offering (“IPO”).

 

1.  Services and Fees.

 

(a) The Advisor will, if requested by the Company:

 

		(i)	Assist the Company in the transaction structuring and negotiation of a definitive purchase agreement with respect to the Business Combination;
 
 

	 	(ii)	
    Assist the Company in holding meetings with Company shareholders to discuss
    the Business Combination

    and the Target’s attributes;

 

	 	(iii)	Introduce the
    Company to potential investors to purchase the Company’s securities in connection with the Business Combination; and

 

	 	(iv)	Assist the Company with relevant financial analysis, presentations, press releases and filings related to the Business Combination or the Target.

 

(b) As compensation for the foregoing services, the Company
will pay the Advisor a cash fee equal to 2.25% of the gross proceeds received by the Company in the IPO (“Transaction Fee”).

 

(c) The Company will also pay the Advisor a capital market
advisory fee of $2,500,000 (“Advisory Fee”)

 

(d) In addition to the Transaction Fee and Advisory Fee,
the Company shall pay to Advisor a cash fee equal to 1.0% of the Total Consideration (as the term “Total Consideration” is
defined below) in the event such Advisor introduces the Company to the Target with which the Company completes a Business Combination
(“Finder Fee” and together with the Transaction Fee and Advisory Fee, the “Fee”).

 

(e) The Transaction Fee, Advisory Fee and any Finder
Fee, if applicable, shall be payable in cash and is due and payable to the Advisor by wire transfer at the closing of the Business Combination
(“Closing”) from the Trust Account (defined below); provided that the Finder Fee shall not be
paid prior to the date that is 60 days from the effective date of the Registration Statement unless the Financial Industry Regulatory
Authority determines that such payment would not be deemed underwriters’ compensation in connection with the IPO. If a proposed
Business Combination is not consummated for any reason, no Fee shall be due or payable to the Advisor hereunder.

 

    

    

    

 

(f) For purposes of this Agreement, “Total Consideration”
shall mean the total value of all cash, securities, or other property paid or transferred at the Closing (or Closings) by or to the Company,
the Target and/or their respective shareholders or to be paid or transferred in the future to such parties with respect to such Business
Combination (other than payments of interest or dividends), including, without limitation, any value paid in respect of (i) the assets
of the Company or Target, (ii) the share capital of the Company or Target (and any securities convertible into or exchangeable for the
share capital of the Company or Target, including options, warrants or other rights to acquire such shares), and (iii) the assumption,
retirement or defeasance, directly or indirectly (by operation of law or otherwise), of any long-term liabilities of the Company or Target
or repayment of indebtedness, including, without limitation, indebtedness secured by the assets of the Company or Target, capital leases
or preferred shares obligations. Notwithstanding the foregoing, if the Business Combination contemplates the Target or a newly formed
holding company being the surviving entity in the Business Combination and issuing its securities to the Company’s stakeholders
as consideration, the Total Consideration will be deemed to be the fair market value of the Target as indicated in the Business Combination’s
definitive acquisition agreement and proxy materials. If Total Consideration paid or transferred in the Business Combination includes
non-cash consideration consisting of ordinary shares, options, warrants or rights for which a public trading market existed prior to the
Closing, then the value of such securities shall be determined by the closing or last sales price thereof on the date that is two business
days prior to the record date for the vote on the Business Combination. If all or a portion of the Total Consideration paid or transferred
in the Business Combination is other than cash and securities (as described above), then the value of such other consideration shall be
the fair market value thereof on the Closing as mutually agreed upon in good faith by the Company and Advisor. Any amounts payable or
transferable to the Company or Target, or any affiliate of the Company or Target or any shareholder of the Company or Target in connection
with a non-competition agreement or any employment, consulting, licensing, supply, transfer, assignment, forbearance or other agreement
(whether by separate agreement or in the Transactions documents), to the extent that such amounts payable are greater than what would
customarily be paid on an arms-length basis, shall be deemed to be part of the consideration paid in the Business Combination. If all
or a portion of the Total Consideration payable or transferable in connection with a Business Combination includes future payments, whether
or not in escrow, then the Company shall pay Advisor any additional cash fee, determined in accordance with this Section 1, when, and
if such payments are made.

 

2. Expenses.

 

At the Closing, the Company shall reimburse the Advisor
up to $20,000 for its reasonable costs and expenses incurred (including its fees and disbursements of counsel) in connection with the
performance of its services hereunder; provided, however, all expenses in excess of $5,000 in the aggregate shall be subject to the Company’s
prior written approval, which approval will not be unreasonably withheld. Reimbursable expenses shall be due and payable to the Advisor
by wire transfer at the Closing from the Trust Account.

 

3. Company Cooperation.

 

The Company will cooperate with the Advisor including,
but not limited to, providing to the Advisor and its counsel, on a timely basis, all documents and information regarding the Company and
Target that the Advisor may reasonably request or that are otherwise relevant to the Advisor’s performance of its obligations hereunder
(collectively, the “Information”); making the Company’s management, auditors, consultants and advisors available
to the Advisor; and, using commercially reasonable efforts to provide the Advisor with reasonable access to the management, auditors,
suppliers, customers, consultants and advisors of Target. The Company will promptly notify the Advisor of any change in facts or circumstances
or new developments affecting the Company or Target or that might reasonably be considered material to the Advisor’s engagement
hereunder.

 

4. Representations; Warranties and Covenants.

 

The Company represents, warrants and covenants to the
Advisor that all Information it makes available to the Advisor by or on behalf of the Company in connection with the performance of its
obligations hereunder will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make statements made, in light of the circumstances under which they were made, not misleading as of the date thereof and as of the consummation
of the Business Combination.

 

    

    

    

 

5. Indemnity.

 

The Company shall indemnify the Advisor and its affiliates
and their respective directors, officers, employees, shareholders, representatives and agents in accordance with the indemnification provisions
set forth in Annex I hereto, all of which are incorporated herein by reference.

 

Notwithstanding the foregoing and Annex I, the Advisor
agrees, if there is no Closing, (i) that it does not have any right, title, interest or claim of any kind in or to any monies in the Company’s
trust account established in connection with the IPO (“Trust Account”) with respect to this Agreement (each, a “Claim”);
(ii) to waive any Claim it may have in the future as a result of, or arising out of, any services provided to the Company hereunder; and
(iii) to not seek recourse against the Trust Account with respect to the Fee.

 

6. Use of Name and Reports.

 

Without the Advisor’s prior written consent,
neither the Company nor any of its affiliates (nor any director, officer, manager, partner, member, employee, representative or agent
thereof) shall quote or refer to, in any filings with the Securities and Exchange Commission, any advice rendered by the Advisor to the
Company or any communication from the Advisor, in each case, in connection with performance of the Advisor’s services hereunder;
provided that, if any such quote or reference is required by applicable federal or state law, regulation or securities exchange rule,
then (i) the Company shall provide Advisor with a draft of such disclosure prior to the filing being made; (ii) Advisor shall be given
the opportunity to comment on same; and (iii) Advisor’s consent shall not be unreasonably withheld.

 

7. Status as Independent Contractor.

 

Advisor shall perform its services as an independent
contractor and not as an employee of the Company or affiliate thereof. It is expressly understood and agreed to by the parties that the
Advisor shall have no authority to act for, represent or bind the Company or any affiliate thereof in any manner, except as may be expressly
agreed to by the Company in writing. In rendering such services, the Advisor will be acting solely pursuant to a contractual relationship
on an arm’s-length basis. This Agreement is not intended to create a fiduciary relationship between the parties and neither the
Advisor nor any of the Advisor’s officers, directors or personnel will owe any fiduciary duty to the Company or any other person
in connection with any of the matters contemplated by this Agreement.

 

8. Potential Conflicts.

 

The Company acknowledges that the Advisor is a full-service
securities firm engaged in securities trading and brokerage activities and providing investment banking and advisory services from which
conflicting interests may arise. Subject to applicable law, in the ordinary course of business, the Advisor and its affiliates may at
any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of customers,
in debt or equity securities of the Company, its affiliates or other entities that may be involved in the transactions contemplated hereby.
Nothing in this Agreement shall be construed to limit or restrict the Advisor or any of its affiliates in conducting such business to
the extent permitted by applicable law.

 

9. Entire Agreement.

 

This Agreement constitutes the entire understanding
between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written,
with respect thereto. This Agreement may not be modified or terminated orally or in any manner other than by an agreement in writing signed
by the parties hereto. 

 

    

    

    

 

10. Notices.

 

Any notices required or permitted to be given hereunder
shall be in writing and shall be deemed given when mailed by certified mail or private courier service, return receipt requested, addressed
to each party at its respective addresses set forth above, or such other address as may be given by a party in a notice given pursuant
to this Section.

 

11. Successors and Assigns.

 

This Agreement may not be assigned by either party
without the written consent of the other. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and,
except where prohibited, to their successors and assigns.

 

12. Non-Exclusivity.

 

Nothing herein shall be deemed to restrict or prohibit
the engagement by the Company of other consultants providing the same or similar services or the payment by the Company of fees to such
other consultants. The Company’s engagement of any other consultant(s) shall not affect the Advisor’s right to receive the
Fee and reimbursement of expenses pursuant to this Agreement.

 

13. Applicable Law; Venue.

 

This Agreement shall be construed and enforced in accordance
with the laws of the State of New York without giving effect to conflict of laws.

 

In the event of any dispute under this Agreement, then
and in such event, each party hereto agrees that the dispute shall either be (i) resolved through final and binding arbitration in accordance
with the International Arbitration Rules of the American Arbitration Association (“AAA”) or ( ii) brought and enforced in
the courts of the State of New York, County of New York under the accelerated adjudication procedures of the Commercial Division, or the
United States District Court for the Southern District of New York, in each event at the discretion of the party initiating the dispute.
Once a party files a dispute with one of the above forums, the parties agree that all issues regarding such dispute or this Agreement
must be resolved before such forum rather than seeking to resolve it through another alternative forum set forth above.

 

In the event the dispute is brought before the AAA,
the arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York,
will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel. Each
of the parties agrees that the decision and/or award made by the arbitrators shall be final and enforceable by any court having jurisdiction
over the party from whom enforcement is sought. Furthermore, the parties to any such arbitration shall be entitled to make one motion
for summary judgment within 60 days of the commencement of the arbitration, which shall be decided by the arbitrator[s] prior to the commencement
of the hearings.

 

In the event the dispute is brought by a party in the
courts of the State of New York or the United States District Court for the Southern District of New York, each party irrevocably submits
to such jurisdiction, which jurisdiction shall be exclusive. Each party hereby waives any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum. Any such process or summons to be served upon a party may be served by transmitting
a copy thereof by registered or certified mail, postage prepaid, addressed to such party at the address set forth at the beginning of
this Agreement. Such mailing shall be deemed personal service and shall be legal and binding upon the party being served in any action,
proceeding or claim. The parties agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies)
all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the
preparation therefor.

  

14. Counterparts.

 

This Agreement may be executed in several original
or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

    

    

    

 

If the foregoing correctly sets
forth the understanding between the Advisor and the Company with respect to the foregoing, please so indicate your agreement by signing
in the place provided below, at which time this letter shall become a binding contract.

 

 

 

 

 

 

 

	 	NORTHLAND SECURITIES, INC.
	 	 

                           
	 
	 	By:	/s/ Jeff Peterson
	 	Name:	Jeff Peterson
	 	Title:	Head of Investment Banking

 

 

	AGREED AND ACCEPTED BY:	 
	 	 
	ARMADA ACQUISITION CORP. I	 
	 	
     

     
	 
	By:	/s/ Stephen P. Herbert	 
	Name:	Stephen P. Herbert	 
	Title:	Chief Executive Officer & Chairman	 

 

    	 

    	 

    

 

ANNEX I

 

Indemnification

 

In connection with the Company’s engagement of
Northland Securities, Inc. (the “Advisor”) pursuant to that certain letter agreement (“Agreement”)
of which this Annex forms a part, Armada Acquisition Corp. I (the “Company”) hereby agrees, subject to the second paragraph
of Section 5 of the Agreement, to indemnify and hold harmless the Advisor, each of its directors, officers, partners and employees and
each person, if any, who controls the Advisor (collectively the “Indemnified Persons”), from and against any and all
claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including
the reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”), that (A) are related to or arise
out of (i) any actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be made) by the
Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection with the Company’s engagement
of the Advisor, or (B) otherwise relate to or arise out of the Advisor’s activities on the Company’s behalf under the Advisor’s
engagement, and the Company shall reimburse any Indemnified Person for all reasonable and documented expenses (including the reasonable
fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending any such
claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified Person
is a party.

 

The Company will not, however, be responsible for any
Claim that is finally judicially determined to have resulted from the gross negligence or willful misconduct of any person seeking indemnification
for such Claim. The Company further agrees that no Indemnified Person shall have any liability to the Company for or in connection with
the Company’s engagement of the Advisor except for any Claim incurred by the Company as a result of such Indemnified Person’s
gross negligence or willful misconduct.

 

The Company further agrees that it will not, without
the prior written consent of the Advisor which consent may not be unreasonably withheld, settle, compromise or consent to the entry of
any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified
Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional, irrevocable
release of each Indemnified Person from any and all liability arising out of such Claim.

 

Promptly upon receipt by an Indemnified Person of notice
of any complaint or the assertion or institution of any Claim with respect to which indemnification is being sought hereunder, such Indemnified
Person shall notify the Company in writing of such complaint or of such assertion or institution but failure to so notify the Company
shall not relieve the Company from any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture
by the Company of substantial rights and defenses. If the Company so elects or is requested by such Indemnified Person, the Company will
assume the defense of such Claim, including the employment of counsel reasonably satisfactory to such Indemnified Person and the payment
of the fees and expenses of such counsel. In the event, however, that legal counsel to such Indemnified Person reasonably determines that
having common counsel would present such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes
an Indemnified Person and the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses
available to it or other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person
may employ its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable fees
and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to defend, contest,
or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation, to defend, contest,
compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the
Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and all amounts paid as a result of
such Claim or the compromise or settlement thereof.

 

In addition, with respect to any Claim in which the
Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain his, her or its own
counsel therefor at his, her or its own expense.

 

    

    

    

 

The Company agrees that if any indemnity sought by
an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not the Advisor is an Indemnified
Person), the Company and the Advisor shall contribute to the Claim for which such indemnity is held unavailable in such proportion as
is appropriate to reflect the relative benefits to the Company, on the one hand, and the Advisor on the other, in connection with the
Advisor’s engagement referred to above, subject to the limitation that in no event shall the amount of the Advisor’s contribution
to such Claim exceed the amount of fees actually received by the Advisor from the Company pursuant to the Advisor’s engagement.
The Company hereby agrees that the relative benefits to the Company, on the one hand, and the Advisor on the other, with respect to the
Advisor’s engagement shall be deemed to be in the same proportion as (a) the total value paid or proposed to be paid or received
by the Company or its stockholder as the case may be, pursuant to the transaction (whether or not consummated) for which the Advisor is
engaged to render services bears to (b) the fee paid or proposed to be paid to the Advisor in connection with such engagement.

 

The Company’s indemnity, reimbursement and contribution
obligations under this Agreement (a) shall be in addition to, and shall in no way limit or otherwise adversely affect any rights that
any Indemnified Party may have at law or at equity and (b) shall be effective whether or not the Company is at fault in any way.

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