Loan Agreement dated November 27, 2023

Investcorp Europe Acquisition Corp I, an exempted company incorporated under the laws of the Cayman Islands with registration number 373300 (the “Borrower”);

Investcorp Funding Limited, an exempt company incorporated under the laws of the Cayman Islands with registration number 25543 (the “Lender”).

The Borrower wishes to borrow money to fund working capital (“Working Capital”) and contributions (“Contributions”) in connection with any extension of the date (the “Extension”) by which the Borrower consummates its initial business combination (the “Transaction);

The Lender has agreed to provide a loan to the Borrower to be used by the Borrower to fund the Transaction.

Recitals Integral

Amount and Purpose of Loan

The Lender hereby agrees to lend to the Borrower a loan in a maximum aggregate amount of One Million Two Hundred and Fifty Thousand Dollars ($1,250,000.00) in lawful money of the United States of America (the “Loan”).

The Lender shall make the Loan available to the Borrower on the Effective Date of November 27, 2023. The Borrower may draw the Loan in one or more drawdowns upon prior written notice to the Lender. The Lender agrees in advance to fund the Contributions directly into the Borrower’s trust account (the “Trust Account”) that was established in connection with Borrower’s initial public offering. The Lender’s obligation to fund Contributions into the Trust Account shall terminate upon the earlier of (i) June 17, 2024 (the “Extended Date”), (ii) the closing of an initial business combination and (iii) such date as the Lender determines that no initial business combination will be entered into prior to the Extended Date. Funds for Working Capital may be placed into a bank account for the Borrower.

Subject to the terms of this Agreement, the Lender will be obliged to fund the Loan in any amount which is required by the Borrower to fund the Working Capital and Contributions and the Lender shall not be entitled to:

cancel any commitments under this Agreement to the extent to do so would prevent or limit the funding of the Working Capital and Contributions;

rescind, terminate or cancel this Agreement or the Loan or exercise any similar right or remedy or make or enforce any claim under this Agreement it may have to the extent to do so would prevent or limit the funding of the Working Capital and Contributions;

refuse to participate in any advance requested by the Borrower in accordance with this Agreement to fund the Working Capital and Contributions;

exercise any right of set-off or counterclaim in respect of the Loan to the extent to do so would prevent or limit the funding of the Working Capital and Contributions; or

cancel, accelerate or cause repayment or prepayment of any amounts owing under this Agreement to the extent to do so would prevent or limit the funding of the Working Capital and Contributions,

The Borrower shall use the Loan to fund the Working Capital and Contributions.

Interest on the Loan

Repayment of the Loan

The Borrower shall repay the principal amount of the Loan on the earlier of: (i) the date on which the Borrower consummates the Transaction or (ii) the date of that the winding up of the Borrower is effective (such date, the “Maturity Date”).

The Borrower may prepay the Loan, in whole or in part, at any time without penalty.

All payments made by the Borrower to the Lender under this Agreement shall be made in immediately available funds and shall be paid by transfer to such bank account of the Lender as the Lender shall notify to the Borrower in writing.

Under no circumstances shall any individual, including but not limited to any executive officer, director, employee or stockholder of the Borrower, be obligated personally for any obligations or liabilities of the Borrower hereunder.

Statements Conclusive

Waiver; Amendments

Severability

Entire Agreement

Notices

Assignment

This Agreement shall benefit and be binding upon the parties hereto and their respective successors and permitted assigns or transferees. Any reference in this Agreement to any party shall be construed accordingly.

The Lender shall not, at any time prior to completion of the Transaction, assign, transfer or otherwise dispose of all or any of its rights or obligations under this Agreement without the prior written consent of the Borrower.

The Borrower shall not assign, transfer or otherwise dispose of all or any of its rights or obligations under this Agreement without the prior written consent of the Lender.

Trust Waiver

Governing Law and Jurisdiction

This Agreement shall be governed and construed in all respects in accordance with the laws of the Cayman Islands.

The Borrower hereby irrevocably submits to the non-exclusive jurisdiction of the Courts of the Cayman Islands, with the Lender reserving its rights to instigate legal proceedings in any other country where it may deem it relevant to do so in order to protect its interests.

The Lender

/s/ Dean Clinton

Dean Clinton