SEC Contract Filing

Filing Date: 2024-07-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ea020990401ex10-3_aibacq.htm
<DESCRIPTION>TERMINATION OF LETTER AGREEMENT, DATED JULY 18, 2024, BY AND AMONG AIB, AIB LLC, AND CERTAIN SHAREHOLDERS OF AIB, DIRECTORS, AND OFFICERS
<TEXT>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.3</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TERMINATION OF LETTER AGREEMENT </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS TERMINATION OF LETTER
AGREEMENT</B> (this &ldquo;<B><I>Termination</I></B>&rdquo;) is made and entered into as of July 18, 2024, and shall be effective upon
Closing (as defined below), by and among (i) AIB Acquisition Corporation, an exempted company incorporated with limited liability in the
Cayman Islands (&ldquo;<B><I>SPAC</I></B>&rdquo;), (ii) AIB LLC, a Delaware limited liability company (the &ldquo;<B><I>Sponsor</I></B>&rdquo;),
and (iii) the undersigned individuals. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned
to such terms in the Letter Agreement (as defined below) (and if such term is not defined in the Letter Agreement, then in the Business
Combination Agreement (as defined below)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, SPAC, the
Sponsor, and the other undersigned Insiders are parties to that certain Letter Agreement dated as of January 18, 2022 (the &ldquo;<B><I>Letter
Agreement</I></B>&rdquo;), attached hereto as <U>Exhibit A</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, on December
27, 2023, (i) SPAC; (ii) the Sponsor (in the capacity as SPAC Representative thereunder), (iii) PS International Group Ltd., an exempted
company incorporated with limited liability in the Cayman Islands), (iv) PSI Group Holdings Ltd <FONT STYLE="font-family: Times New Roman, Times, Serif">&#21033;&#33322;&#22283;&#38555;&#25511;&#32929;&#26377;&#38480;&#20844;&#21496;</FONT><B>,
</B>an exempted company incorporated with limited liability in the Cayman Islands, and (v) the other parties thereto entered into that
certain Business Combination Agreement (as amended from time to time in accordance with the terms thereof, the &ldquo;<B><I>Business Combination
Agreement</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the parties
hereto desire, upon the terms and subject to the conditions set forth in this Termination, to terminate the Letter Agreement effective
upon the closing of the transactions contemplated by the Business Combination Agreement (the &ldquo;<B><I>Closing</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, in
consideration of the premises and the mutual promises herein made, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;<U>Termination of
the Letter Agreement</U>. Subject to paragraph 2 below, the Letter Agreement is hereby terminated in its entirety and shall have no force
or effect and no party shall have any further rights or obligations thereunder or in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;<U>Effectiveness</U>. Notwithstanding
anything to the contrary contained herein, this Termination shall become effective only upon the Closing. In the event that the Business
Combination Agreement is terminated in accordance with its terms prior to the Closing, this Termination shall automatically become null
and void of no further force or effect. Nothing herein shall relieve any party to the Letter Agreement of liability for any breach thereof
occurring prior to the effectiveness of this Termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;<U>Miscellaneous</U>. The
terms of this Termination shall be governed by, enforced and construed and interpreted in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles. This Terminatio