Document:

Exhibit
10.1

 

[●],
2022

 

Alkaid
Acquisition Corp.

42
Broadway, 12th Floor

New
York, NY 10004

 

Chardan
Capital Markets, LLC

17
State Street, Suite 2130

New
York, NY 10004

 

	 	Re:	Initial
    Public Offering

 

Ladies
and Gentlemen:

 

This
letter agreement is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Alkaid Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital
Markets, LLC, as representative (the “Representative”) of the several underwriters named on Schedule A thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one share of common stock of the Company, $0.0001
par value (the “Common Stock”), and one right to receive one-fifth (1/5) of one share of Common Stock (the
“Rights”). Certain capitalized terms used herein are defined in paragraph 16 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition
of the benefit that such IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.
 If the Company solicits approval of its shareholders of a Business Combination, the undersigned
will vote all shares of Common Stock beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of
such Business Combination.

 

2.
 (a) In the event that the Company fails to consummate a Business Combination within 9 months
from the closing of the Company’s IPO (or, in the event that the Company extended the period of time to consummate a business combination,
up to 15 months from the closing of the Company’s IPO, as specified in the Company’s amended and restated certificate of
incorporation), the undersigned shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders
of the IPO Shares and (ii) cause the Company to liquidate as soon as reasonably practicable.

 

(b)
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and
any remaining net assets of the Company as a result of such liquidation with respect to his, her or its Insider Shares (“Claim”)
and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with
the Company and will not seek recourse against the Trust Fund for any reason whatsoever. [The undersigned acknowledges and agrees that
there will be no distribution from the Trust Fund with respect to any Rights underlying the Private Units, all of which will terminate
on the Company’s liquidation.]1

 

 

	1	Alkaid
Investments LLC only.

 

     

     

    

 

[3.
In the event of the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and
all loss, liability, claims, 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) which the Company may become subject as a result of any claims by a third party (excluding the Company’s
independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target
business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business
combination agreement, reduce the amount of funds in the Trust Fund to below the lesser of (i) $10.15 per IPO Share and
(ii) the actual amount per IPO Share held in the Trust Fund as of the date of the liquidation of the Trust Fund, if less than
$10.15 per share due to reductions in the value of the trust assets, in each case less taxes payable, provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the
monies held in the Trust Fund (whether or not such waiver is enforceable), nor will it apply to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the
“Securities Act”).]2

 

4.
 [In the event that the Company does not consummate a Business Combination and must liquidate
and its remaining net assets are insufficient to complete such liquidation, the undersigned agrees to advance such funds necessary to
complete such liquidation and agrees not to seek recourse for such expenses.]3

 

5.
 The undersigned will escrow all of his, her or its Insider Shares pursuant to the terms of
a Stock Escrow Agreement, which the Company will enter into with the undersigned and an escrow agent acceptable to the Company. [If the
underwriters’ over-allotment option is not exercised in full within 45 days of the date hereof, the undersigned agrees to cancel
a portion of the undersigned’s Insider Shares such that the total number of Insider Shares determined by multiplying (a) the product
of (i) 187,500, by (b) a fraction, (i) the numerator of which is 750,000 minus the number of shares of Common Stock purchased by the
Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 750,000.]4

 

[6.
The undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Units will be
subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private
Units.]5

 

7.
 In order to minimize potential conflicts of interest which may arise from multiple affiliations,
the undersigned agrees to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable
opportunity to acquire a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned might have.

 

8.
 The undersigned acknowledges and agrees that prior to entering into a Business Combination
with a target business that is affiliated with any Insiders of the Company or their affiliates, including any company that is a portfolio
company of, or otherwise affiliated with, or has received financial investment from, an entity with which any Insider or their affiliates
is affiliated, such transaction must be approved by a majority of the Company’s disinterested and independent directors and the
Company must obtain an opinion from an independent investment banking firm that such Business Combination is fair to the Company’s
unaffiliated shareholders from a financial point of view.

 

9.
 Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive and will not accept any compensation or other cash payment prior to, or for services rendered
in connection with, the consummation of the Business Combination; provided that the Company shall be allowed to repay working
capital loans made by the undersigned to the Company in cash upon consummation of the Business Combination. Notwithstanding the foregoing,
the undersigned and any affiliate of the undersigned 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.

 

10.
 Neither the undersigned, any member of the family of the undersigned, nor any affiliate of
the undersigned will be entitled to receive and will not accept a finder’s fee or any other compensation in the event the undersigned,
any member of the family of the undersigned or any affiliate of the undersigned originates a Business Combination.

 

 

	2 	Alkaid Investments LLC only.
	
	3 	Alkaid Investments LLC only.
	
	4	Alkaid Investments LLC only.
	
	5	Alkaid Investments LLC only.

 

    2

     

    

 

11.
 [The undersigned agrees to be a director and/or officer of the Company, as applicable, until
the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. The undersigned’s biographical
information previously furnished to the Company and the Representative is true and accurate in all material respects, does not omit any
material information with respect to the undersigned’s biography and contains all of the information required to be disclosed pursuant
to Item 401 of Regulation S-K, promulgated under the Securities Act.]6 The undersigned’s FINRA Questionnaire or/and
D&O Questionnaire previously furnished to the Company and the Representative is true and accurate in all material respects. The undersigned
represents and warrants that:

  

		(a)	He,
                                            she or it has never had a petition under the federal bankruptcy laws or any state insolvency
                                            law been filed by or against (i) him, her or it, or any partnership in which he, she or it
                                            was a general partner at or within two years before the time of filing; or (ii) any corporation
                                            or business association of which he or she was an executive officer at or within two years
                                            before the time of such filing;

 

		(b)	He,
                                            she or it has never had a receiver, fiscal agent or similar officer been appointed by a court
                                            for his business or property, or any such partnership;

 

		(c)	He,
                                            she or it has never been convicted of fraud in a civil or criminal proceeding;

 

		(d)	He,
                                            she or it has never been convicted in a criminal proceeding or named the subject of a pending
                                            criminal proceeding (excluding traffic violations and minor offenses);

 

		(e)	He,
                                            she or it has never been the subject of any order, judgment or decree, not subsequently reversed,
                                            suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
                                            enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant,
                                            introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
                                            transaction merchant, any other person regulated by the Commodity Futures Trading Commission
                                            (“CFTC”) or an associated person of any of the foregoing, or as an investment
                                            adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
                                            or employee of any investment company, bank, savings and loan association or insurance company,
                                            or from engaging in or continuing any conduct or practice in connection with any such activity;
                                            or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection
                                            with the purchase or sale of any security or commodity or in connection with any violation
                                            of federal or state securities or federal commodities laws;

 

		(f)	He,
                                            she, or it has never been the subject of any order, judgment or decree, not subsequently
                                            reversed, suspended or vacated, of any federal or state authority barring, suspending or
                                            otherwise limiting for more than 60 days his, her or its right to engage in any activity
                                            described in 11(e)(i) above, or to be associated with persons engaged in any such activity;

 

		(g)	He,
                                            she, or it has never been found by a court of competent jurisdiction in a civil action or
                                            by the SEC to have violated any federal or state securities law, where the judgment in such
                                            civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

		(h)	He,
                                            she, or it has never been found by a court of competent jurisdiction in a civil action or
                                            by the CFTC to have violated any federal commodities law, where the judgment in such civil
                                            action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

		(i)	He,
                                            she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial
                                            or administrative order, judgment, decree or finding, not subsequently reversed, suspended
                                            or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities
                                            or commodities law or regulation, (ii) any law or regulation respecting financial institutions
                                            or insurance companies including, but not limited to, a temporary or permanent injunction,
                                            order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and
                                            desist order, or removal or prohibition order or (iii) any law or regulation prohibiting
                                            mail or wire fraud or fraud in connection with any business entity;

 

 

	6	Directors
and officers only.

 

    3

     

    

 

		(j)	He,
                                            she or it has never been the subject of, or party to, any sanction or order, not subsequently
                                            reversed, suspended or vacated, or any self-regulatory organization, any registered entity,
                                            or any equivalent exchange, association, entity or organization that has disciplinary authority
                                            over its members or persons associated with a member;

 

		(k)	He,
                                            she or it has never been convicted of any felony or misdemeanor: (i) in connection with the
                                            purchase or sale of any security; (ii) involving the making of any false filing with the
                                            SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
                                            municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

		(l)	He,
                                            she or it was never subject to a final order of a state or foreign securities commission
                                            (or an agency of officer of a state performing like functions); a state or foreign authority
                                            that supervises or examines banks, savings associations, or credit unions; a state or foreign
                                            insurance commission (or an agency or officer of a state performing like functions); an appropriate
                                            federal or foreign banking agency; the CFTC; or the National Credit Union Administration
                                            that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
                                            or deceptive conduct;

 

		(m)	He,
                                            she or it has never been subject to any order, judgment or decree of any court of competent
                                            jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her
                                            or it from engaging or continuing to engage in any conduct or practice: (i) in connection
                                            with the purchase or sale of any security; (ii) involving the making of any false filing
                                            with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out
                                            of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
                                            investment adviser or paid solicitor of purchasers of securities;

 

		(n)	He,
                                            she or it has never been subject to any order of the SEC or any foreign regulatory agency
                                            with similar functions that orders him, her or it to cease and desist from committing or
                                            causing a future violation of: (i) any scienter-based anti-fraud provision of the federal
                                            securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section
                                            10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
                                            and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Investment Advisers Act
                                            of 1940 (the “Advisers Act”) or any other rule or regulation thereunder; or (ii)
                                            Section 5 of the Securities Act;

 

		(o)	He,
                                            she or it has never filed (as a registrant or issuer), or been named as an underwriter in
                                            any registration statement or Regulation A offering statement filed with the SEC that was
                                            the subject of a refusal order, stop order, or order suspending the Regulation A exemption,
                                            or is, currently, the subject of an investigation or proceeding to determine whether a stop
                                            order or suspension order should be issued;

 

		(p)	He,
                                            she or it has never been subject to a United States Postal Service false representation order,
                                            or is currently subject to a temporary restraining order or preliminary injunction with respect
                                            to conduct alleged by the United States Postal Service to constitute a scheme or device for
                                            obtaining money or property through the mail by means of false representations;

 

		(q)	He,
                                            she or it is not subject to a final order of a state securities commission (or an agency
                                            of officer of a state performing like functions); a state authority that supervises or examines
                                            banks, savings associations, or credit unions; a state insurance commission (or an agency
                                            or officer of a state performing like functions); an appropriate federal banking agency;
                                            the CFTC; or the National Credit Union Administration that bars the undersigned from: (i)
                                            association with an entity regulated by such commission, authority, agency or officer; (ii)
                                            engaging in the business of securities, insurance or banking; or (iii) engaging in savings
                                            association or credit union activities;

 

    4

     

    

 

		(r)	He,
                                            she or it is not subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c)
                                            of the Exchange Act or Section 203(e) or 203(f) of the Advisers Act that: (i) suspends or
                                            revokes the undersigned’s registration as a broker, dealer, municipal securities dealer
                                            or investment adviser; (ii) places limitations on the activities, functions or operations
                                            of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from
                                            being associated with any entity or from participating in the offering of any penny stock;
                                            and

 

		(s)	He,
                                            she or it has never been suspended or expelled from membership in, or suspended or barred
                                            from association with a member of, a securities self-regulatory organization (e.g., a registered
                                            national securities exchange or a registered national or affiliated securities association)
                                            for any act or omission to act constituting conduct inconsistent with just and equitable
                                            principles of trade.

 

12.
The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter
agreement [and to serve as a director and/or officer of the Company, as applicable, and consents to being named in the registration statement
on Form S-1 and prospectus filed by the Company with the U.S. Securities and Exchange Commission, road show and any other materials as
an officer and/or director of the Company, as applicable.]7.

 

13.
 The undersigned hereby waives his, her or its right to exercise redemption rights with respect
to any shares of Common Stock owned or to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior
to the IPO, in the IPO or in the aftermarket, and agrees that he, she or it will not seek redemption with respect to or otherwise sell,
such shares in connection with any vote to approve a Business Combination with respect thereto, a vote to amend the provisions of the
Company’s Amended and Restated Certificate of Incorporation, or a tender offer by the Company prior to a Business Combination.

 

14.
 The undersigned hereby agrees (a) not to propose, or vote in favor of, an amendment to
the Company’s certificate of incorporation that would affect the substance or timing of the Company’s obligation to redeem
100% of the IPO Shares if the Company does not complete its initial Business Combination within 9 months (or up to 15 months, if the
Company extends the time to complete a Business Combination) from the closing of the IPO, unless the Company provides holders of the
IPO Shares with the opportunity to redeem their IPO Shares upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Fund, net of taxes payable, divided by the number of then outstanding IPO
Shares, (b) not to redeem any shares (including the Insider Shares) to receive cash from the Trust Fund in connection with a stockholder
vote to approve the Company’s proposed initial Business Combination (or sell any shares they hold to the Company in a tender offer
in connection with a proposed initial Business Combination) or a vote to amend the provisions of the Company’s certificate of incorporation
relating to the substance or timing of the Company’s obligation to redeem 100% of our public shares if the Company does not complete
its initial Business Combination within 9 months (or up to 15 months, as applicable), from the closing of the IPO, and (c) that
the Insider Shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the Trust Fund if a Business Combination
is not consummated.

 

15.
 In connection with Section 5-1401 of the General Obligations Law of the State of New York,
this letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles
of conflicts of law that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that
any action, proceeding or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding
arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“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 and that the arbitrator
panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom enforcement is sought.
The cost of such arbitrators and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne
by the non-prevailing party or as otherwise directed by the arbitrators.

 

 

	7	Directors
and officers only.

 

    5

     

    

 

16.
 As used herein, (i) a “Business Combination” shall mean a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities; (ii) “Insiders” shall mean all officers, directors and shareholders of the Company
immediately prior to the IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company
acquired by an Insider prior to the IPO and any shares of Common Stock underlying the Private Units; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Units” shall mean (x)
the units purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO and (y) the
additional units that may be purchased in connection with the exercise of the over-allotment option by the underwriters in the IPO as
described in the Registration Statement; (vi) “Registration Statement” means the registration statement on
Form S-1 filed by the Company with respect to the IPO; and (vii) “Trust Fund” shall mean the trust fund into
which a portion of the net proceeds of the Company’s IPO will be deposited.

 

17.
 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 by e-mail transmission.

 

If
to the Representative:

 

Chardan
Capital Markets, LLC

17
State Street, Suite 2130

New
York, NY 10004

Attn:
George Kaufman

E-mail:
gkaufman@chardancm.com

  

with
a copy (which copy shall not constitute notice) to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn: Stuart Neuhauser, Esq.

E-mail:
sneuhauser@egsllp.com

 

If
to the Company:

 

Alkaid
Acquisition Corp.

42
Broadway, 12th Floor

New
York, NY 10004

Attn:
Greig Andrew Robert Charlton, Chief Executive Officer

E-mail:
greigandrewrobert@alkaidcorp.com

 

with
a copy (which copy shall not constitute notice) to:

 

Loeb 
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Giovanni Caruso, Esq.

E-mail:
gcaruso@loeb.com

 

    6

     

    

 

The
parties hereto consent to the delivery of notices or other communications by electronic transmission at the e-mail address set forth
below the respective party’s name in this Section 17. To the extent that any notice given by means of electronic transmission is
returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected e-mail
address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party agrees
to promptly notify the other parties of any change in its e-mail address, and that failure to do so shall not affect the foregoing. 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.

 

18.
 No party hereto may assign either this letter agreement or any of its rights, interests, or
obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this 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 parties hereto and any successors and assigns thereof.

 

19.
 The undersigned acknowledges and understands that the Underwriters and the Company will rely
upon the agreements, representations and warranties set forth herein in proceeding with the IPO.

 

[Signature
Page Follows]

 

    7

     

    

 

	Sincerely,	 
	 	 
	By:	 	 
	 	Name of Insider:	 

 

Signature
Page to Letter Agreement

 

     

     

    

 

Acknowledged
and Agreed:

 

	ALKAID ACQUISITION CORP.	 
	 	 
	By:	 	 
	Name: 	Greig Andrew Robert
    Charlton	 
	Title:	Chief Executive Officer	 

 

 

Signature
Page to Letter AgreementExhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made as of [●], 2022 by and between Alkaid Acquisition
Corp. (the “Company”) and Continental Stock Transfer & Trust Company, a New York limited purpose trust company as trustee
(the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-[●] (the “Registration Statement”), for its initial
public offering of securities (“IPO”) has been declared effective as of the date hereof (the “Effective Date”)
by the U.S. Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth
in the Registration Statement);

 

WHEREAS,
Chardan Capital Markets, LLC (the “Representative”) is acting as the representative of the underwriters in the IPO pursuant
to an underwriting agreement between the Company and the Representative (the “Underwriting Agreement”);

 

WHEREAS,
simultaneously with the IPO, Alkaid Investments LLC, the Company’s sponsor, will be purchasing 262,500 (or up to 283,125 if the
underwriters’ over-allotment option is exercised in full) private units (“Private Placement Units”) from the Company
at $10.00 per private unit (for a total purchase price of $2,625,000 or $2,831,250 if the underwriters’ over-allotment option is
exercised in full);

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time (the “Charter”), $50,750,000 (or $58,362,500 if the underwriters’ over-allotment
option is exercised in full) of the net proceeds of the IPO and sale of the Private Placement Units will be delivered to the Trustee
to be deposited and held in a segregated trust account located at all times in the United States for the benefit of the Company and the
holders of the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”), issued in the IPO as
hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property,” the shareholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders
and the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $2,000,000, or $2,300,000 if the underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that may become payable by the Company
to the underwriters upon the consummation of an initial business combination (as described in the Registration Statement, a “Business
Combination”); and

 

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

 

IT
IS AGREED:

 

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

 

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

 

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

 

     

     

    

 

(c)
In a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
having a maturity of 185 days or less or in money market funds meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under
the Investment Company Act, which invest only in direct U.S. government treasury obligations and/or (ii) cause the brokerage institution
referred to in 1(a) above to place the Property in a cash demand deposit account; it being understood that unless the Company instructs
the Trustee to do either of the foregoing, the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder; and while the funds are invested or uninvested, the Trustee may earn bank credits or other consideration.

 

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

 

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

 

(f)
Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

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

 

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

 

(i)
Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, signed on behalf of the Company by its Chief Executive Officer and Chief Financial Officer and, in the case of a Termination Letter
in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by the Representative, and complete
the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and
the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received
by the Trustee by the date which is the later of (x) 9 months after the closing of the IPO (the “Closing”) (or, in the event
that the Company extended the time to complete the Business Combination, 12 or 15 months, as applicable, after the Closing) and (y) such
later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate
of incorporation (as applicable, the “Applicable Deadline”), the Trust Account shall be liquidated in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the
Applicable Deadline.

 

(j)
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least five business
days prior to the Applicable Deadline, signed on behalf of the Company by its Chief Executive Officer and Chief Financial Officer, and
receipt of the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set
forth in the Extension Letter.

 

(k)
Upon receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit E, signed on behalf of the Company
by its Chief Executive Officer and Chief Financial Officer and, distribute to Public Stockholders who exercised their conversion rights
in connection with an amendment to Article Sixth of the Charter (an “Amendment”) an amount equal to the pro rata share of
the Property relating to the Common Stock for which such Public Stockholders have exercised conversion/redemption rights in connection
with such Amendment.

 

(l)
Not disburse any amounts from the Trust Account in connection with a Business Combination in the event that the amount per share to be
received by the redeeming Public Shareholders is less than $10.15 per share (plus the amount per share deposited in the Trust Account
pursuant to any Extension Letter).

 

    2

     

    

 

(m)
In connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any other person,
disburse the per share amount to redeeming Public Shareholders (other than shares tendered through the Depository Trust Company) that
have tendered their shares directly to the Trustee. 

 

2.
Limited Distributions of Income from Trust Account.

 

(a)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover any franchise and income tax obligations owed by the Company; provided, however,
that in no event shall any of the Property or any interest earned on the Property be used to pay for any excise taxes or any other
similar fees or taxes in nature that may be imposed on the Company pursuant to any current, pending or future rules or laws,
including without limitation any excise tax due imposed under the Inflation Reduction Act of 2022 on any redemptions or stock
buybacks by the Company.

 

(b)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as provided
in Section 2(a), no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) and 1(k) hereof.

 

(c)
The Company shall provide the Representative with a copy of any Termination Letters and/or any other correspondence that it issues to
the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

(d)
If applicable, the Company shall issue a press release at least three days prior to the Applicable Deadline announcing that, at least
five days prior to the Applicable Deadline, the Company received notice from the Company’s insiders or their affiliates or designees
that the insiders or their affiliates or designees intend to extend the Applicable Deadline and, promptly following the Applicable Deadline,
disclose whether or not the term the Company has to consummate a Business Combination has been extended.

 

3.
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer
or Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i) and 2(a) above, the Trustee shall be entitled
to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such
instructions in writing.

 

(b)
Subject to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 3(b), it shall notify the Company in writing of such
claim (hereinafter referred to as the “Indemnified Claim”); provided, however, that the Trustee’s failure
to provide such notice shall not relieve the Company of its liability hereunder, except to the extent that it is materially prejudiced
by such failure. The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the
Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld.
The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be
unreasonably withheld or delayed. The Company may participate in such action with its own counsel.

 

    3

     

    

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section
2(a) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted
by the Trustee from the disbursements made to the Company pursuant to Section 1(i) solely in connection with the consummation of the
Company’s Business Combination. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the
consummation of the IPO and thereafter on the anniversary of the Effective Date. Except as set forth in this Section 3(c), the Company
shall not be responsible for any other fees or charges of the Trustee.

 

(d)
In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes verifying the vote
of the Company’s shareholders regarding such Business Combination.

 

(e)
In the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

4.
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Take any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;

 

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

 

(c)
Change the investment of any Property, other than in compliance with Section 1(c);

 

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

 

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

 

(f)
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely
conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel
chosen by the Trustee), 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 Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound
by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the
Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)
Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement;

 

    4

     

    

 

(h)
File local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned
on the Property;

 

(i)
Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a)
hereof);

 

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

 

(k)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 1(k) or 2(a) above.

 

5.
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the
Trust Account and not against the Property or any monies in the Trust Account.

 

6.
Termination. This Agreement shall terminate as follows:

 

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

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with
respect to Section 3(b).

 

7.
Miscellaneous.

 

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

 

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

 

    5

     

    

 

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), 1(k), 1(l), 1(m), 7(c) and 7(g) (which may only be amended with the approval of the holders of at least a majority
of the outstanding shares of Common Stock, this Agreement or any provision hereof may only be changed, amended or modified by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without
the prior written consent of the Representative. As to any claim, cross-claim or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed
amendment.

 

(d)
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.

  

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New
York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

E-mail:
fwolf@continentalstock.com; cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Alkaid
Acquisition Corp.

42
Broadway, 12th Floor

New
York, NY 10004

Attn:
Greig Andrew Robert Charlton, Chief Executive Officer

E-mail:
greigandrewrobert@alkaidcorp.com

 

in
either case with a copy (which copy shall not constitute notice) to:

 

Chardan
Capital Markets, LLC

17 State Street, Suite 2130

New York, NY 10004

Attn: George Kaufman

E-mail: gkaufman@chardancm.com

 

and:

 

Loeb 
& Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso, Esq.

E-mail: gcaruso@loeb.com

 

and:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn: Stuart Neuhauser, Esq.

E-mail:
sneuhauser@egsllp.com

 

    6

     

    

 

The
parties hereto consent to the delivery of notices or other communications by electronic transmission at the e-mail address set forth
below the respective party’s name in this Section 7(e). To the extent that any notice given by means of electronic transmission
is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected e-mail
address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party agrees
to promptly notify the other parties of any change in its e-mail address, and that failure to do so shall not affect the foregoing.

 

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

  

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

 

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

 

(i)
Each of the Company and the Trustee hereby acknowledges that the Representative and the underwriters in the IPO are third party beneficiaries
of this Agreement.

 

(j)
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity without the written consent of the other party.

 

[Signature
Page Follows]

 

    7

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST
    COMPANY, as Trustee
	 	 
	 	By:	 
	 	 	Name: 	Francis Wolf 
	 	 	Title: 	Vice President

 

	 	ALKAID ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:  	Greig Andrew Robert Charlton
	 	 	Title: 	Chief Executive Officer

 

Signature Page to Investment Management Trust
Agreement

 

     

     

    

 

SCHEDULE
A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount
	Initial
    acceptance fee	 	Initial
    closing of IPO by wire transfer	 	$3,500.00
	Annual
    fee	 	First
    year ($10,000.00), on the initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO
    by wire transfer or check	 	$10,000.00
	Transaction
    processing fee for disbursements to Company under Section 2	 	Billed
    to the Company following disbursement made to Company under Section 2	 	$2,500.00
	Paying
    Agent services as required pursuant to Section 1(i)	 	Billed
    to Company upon delivery of service pursuant to Section 1(i)	 	Prevailing
    rates

  

     

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

[Insert date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account −
    Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Alkaid Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2022 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement with [___________] (“Target Business”) to consummate a business combination
with Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least
72 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer
the proceeds to the above-referenced account at JPMorgan Chase Bank, N.A., to the effect that, on the Consummation Date, all of funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the
Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account awaiting distribution,
the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
and (ii) the Company shall deliver to you (a) a certificate by its Chief Executive Officer, which verifies the vote of the Company’s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and Chardan
Capital Markets, LLC with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement of
no less than $10.15 per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Shareholders
(“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

 

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

 

    A-1

     

    

 

	 	Very truly yours,
	 	 
	 	ALKAID ACQUISITION CORP.

 

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

	 	By:	 
	 	 	Name:	 
	 	 	Title: 	 

 

Acknowledged
and Agreed:

Chardan
Capital Markets, LLC

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    A-2

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

[Insert date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account −
    Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Alkaid Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2022 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Charter, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer
the total proceeds to the trust operating account to await distribution to the Public Shareholders. The Company has selected [__________,
20__] as the record date for the purpose of determining the Public Shareholders entitled to receive their share of the liquidation proceeds.
It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the trust operating
account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute said funds directly
to the Public Shareholders in accordance with the terms of the Trust Agreement and the Charter. Upon the distribution of all the funds
in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	ALKAID ACQUISITION CORP.

 

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

	 	By:	 
	 	 	Name:	 
	 	 	Title: 	 

 

		cc:	Chardan Capital Markets, LLC

 

    B-1

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account −
    Tax Withdrawal Instruction Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Alkaid Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2022 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company [$      ] of the interest income earned on the Property
as of the date hereof. The Company needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	ALKAID ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Chardan Capital Markets, LLC

 

    C-1

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account −
    Extension Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Alkaid Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of [●], 2022 (“Trust Agreement”), this is to advise you that the Company
is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional [three (3)
months], from ______________ to ____________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to the Extension prior to the Applicable Deadline. Capitalized words
used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit [$750,000] [(or $862,500 if the underwriters’
over-allotment option was exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.

 

	 	Very truly yours,
	 	 
	 	ALKAID ACQUISITION CORP.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Chardan Capital Markets,
    LLC

 

    D-1

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004-1561

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account –
    Amendment Notification Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Reference
is made to that certain Investment Management Trust Agreement between Alkaid Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of [●], 2022 (“Trust Agreement”). Capitalized words used herein and not
otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant
to Section 1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer [$                ]
of the proceeds of the Trust to the trust operating account for distribution to the stockholders that have requested conversion of their
shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	ALKAID ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	cc:	Chardan
    Capital Markets, LLC

 

 

E-1

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