Exhibit 10.6


 


INDEMNITY AGREEMENT


 


THIS
INDEMNITY AGREEMENT (this “Agreement”) is made as of November 3, 2021, by and between Semper
Paratus Acquisition Corporation, a Cayman Islands exempted company (the “Company”), and [● ] (the “Indemnitee”).


 


WHEREAS,
highly competent persons have become more reluctant to serve publicly-held companies as directors, officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of such companies;


 


WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and
retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect
persons serving the Company and its subsidiaries from certain liabilities. The amended and restated memorandum and articles of association
of the Company (the “Articles”) provide for the indemnification of the officers and directors of the Company.
The Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law. The Articles provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the Board, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;


 


WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;


 


WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best
interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;


 


WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate
and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue
to serve the Company free from undue concern that they will not be so protected against liabilities;


 


WHEREAS,
this Agreement is a supplement to and in furtherance of the Articles of the Company and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of the Indemnitee thereunder; and


 


WHEREAS,
the Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection,
and the Company desires that the Indemnitee serve in such capacity. The Indemnitee is willing to serve, continue to serve and to take
on additional service for or on behalf of the Company on the condition that the Indemnitee be so indemnified.


 


NOW,
THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of that certain
letter agreement, dated as of November 3, 2021 (commonly referred to as an “Insider Letter”), among the Company, the
Indemnitee and the other parties thereto, the Company and Indemnitee do hereby covenant and agree as follows:


 


1.  SERVICES
TO THE COMPANY


 


In consideration of the Company’s
covenants and obligations hereunder and for other good and valuable consideration, the Indemnitee will serve or continue to serve as
an officer, director, advisor, key employee or in any other capacity of the Company, as applicable, for so long as the Indemnitee is
duly elected, appointed or retained or until the Indemnitee tenders the Indemnitee’s resignation or until the Indemnitee is
removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after the Indemnitee has ceased to
serve as a director, officer, advisor, key employee or in any other capacity
of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on the Indemnitee or the Company
to continue the Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments
of the parties hereto, if any.


 






    


     


    

 


2.  DEFINITIONS




 


As used in this Agreement:


 


2.1.  “Agent”
shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized
by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, advisor, fiduciary
or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request
of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.


 


2.2.  “Beneficial
Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated
under the Exchange Act as in effect on the date hereof.


 


 2.3.  “Change in Control” shall mean the occurrence of any of the following events after the date of this Agreement:




 


(i)  Acquisition
of Shares by Third Party. Other than Semper Paratus Sponsor LLC (the “Sponsor”) or any of its affiliates,
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 15% or more of the combined
voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors, unless (1) the
change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved
in advance by the Continuing Directors and such acquisition would not constitute a Change in Control under clause (iii) of this definition;


 


(ii)  Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board
or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still
in office who were directors on the date hereof or whose election or nomination for election was previously so approved (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;


 


(iii)  Corporate
Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business
combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless,
following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners
of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the combined voting power of the then outstanding securities of the Company entitled to vote
generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as
a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one
or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the
securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding
any company or corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of
the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving
company or corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority
of the board of directors of the company or corporation resulting from such Business Combination were Continuing Directors at the time
of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination;


 


(iv)  Liquidation.
The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the
sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s
current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed
with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or


 






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(v)  Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange
Act, whether or not the Company is then subject to such reporting requirement.


 


2.4.  “Corporate
Status” shall mean the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at the request of the
Company.


 


		2.5.	“Delaware Court” shall mean the Court of Chancery of the State of Delaware.



 


2.6.  “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by the Indemnitee.


 


2.7.  “Enterprise”
shall mean the Company and any other company or corporation, constituent company or corporation (including any constituent of a constituent)
absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the
Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent.


 


 2.8.  “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.




 


2.9.  “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable
attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private
investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating
in, a Proceeding, including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated
by the Company or any third party. “Expenses” also shall include Expenses incurred in connection with any appeal
resulting from any Proceeding, including without limitation the principal, premium, security for, and other costs relating to any cost
bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by the
Indemnitee or the amount of judgments or fines against the Indemnitee.


 


2.10.  References
to “fines” shall include any excise tax assessed on the Indemnitee with respect to any employee benefit plan.


 


2.11.  “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law and that
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or the Indemnitee in any matter
material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements); or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee
in an action to determine the Indemnitee’s rights under this Agreement.


 


2.12.  “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof;
provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the
Company; (iii) any employment benefit plan of the
Company or of a Subsidiary of the Company or of any company or corporation owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or of a Subsidiary
of the Company or of a company or corporation owned directly or indirectly by the shareholders of the Company in substantially the same
proportions as their ownership of shares of the Company.


 






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2.13.  “Proceeding”
shall mean any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related
nature, in which the Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that the Indemnitee is
or was a director or officer of the Company, by reason of any action (or failure to act) taken by the Indemnitee or of any action (or
failure to act) on the Indemnitee’s part while acting as a director or officer of the Company, or by reason of the fact that the
Indemnitee is or was serving at the request of the Company as a director, officer, trustee, manager, general partner, managing member,
fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or
expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.


 


2.14.  References
to “serving at the request of the Company” shall include any service as a director, officer, employee, agent
or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with
respect to an employee benefit plan, its participants or beneficiaries; and if the Indemnitee acted in good faith and in a manner the
Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, the Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to
in this Agreement.


 


2.15.  “Subsidiary”
shall mean, with respect to any Person, any company or corporation, limited liability company, partnership, joint venture, trust or other
entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by
that Person.


 


2.16.  The
phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: (a) to
the fullest extent authorized or permitted by the provision of applicable Cayman Islands law that authorizes or contemplates additional
indemnification by agreement, or the corresponding provision of any amendment to or replacement of applicable Cayman Islands law, and
(b) to the fullest extent authorized or permitted by any amendments to or replacements of applicable Cayman Islands law adopted after
the date of this Agreement that increase the extent to which a company or corporation may indemnify its officers and directors.


 


		3.	INDEMNITY IN THIRD-PARTY PROCEEDINGS



 


To the fullest extent permitted by applicable
law and the Articles, the Company shall indemnify, hold harmless and exonerate the Indemnitee in accordance with the provisions of this
Section 3 if the Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise)
in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the Indemnitee’s
Corporate Status. Pursuant to this Section 3, the Indemnitee shall be indemnified, held harmless and exonerated against all Expenses,
judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or
payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually,
and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with such Proceeding or any claim, issue or
matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to,
the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that the Indemnitee’s
conduct was unlawful; provided that in no event shall the Indemnitee be entitled to be indemnified, held harmless or advanced any
amounts hereunder in respect of any Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (if any) that the
Indemnitee may incur by reason of the Indemnitee’s own actual fraud, wilful default or wilful neglect. The Indemnitee shall not
be found to have committed actual fraud, wilful default or wilful neglect for any purpose of this Agreement unless or until a court of
competent jurisdiction shall have made a finding to that effect.


 






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		4.	INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY



 


To the fullest extent permitted by applicable
law and the Articles, the Company shall indemnify, hold harmless and exonerate the Indemnitee in accordance with the provisions of this
Section 4 if the Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise)
in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the Indemnitee’s Corporate Status.
Pursuant to this Section 4, the Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by the Indemnitee or on the Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein,
if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests
of the Company. The Indemnitee shall not be entitled to be indemnified, held harmless or exonerated for Expenses under this Section 4
in respect of any claim, issue or matter as to which the Indemnitee shall have been finally adjudged by a court of competent jurisdiction
to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee
is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.


 


		5.	INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL



 


Notwithstanding any other provisions of this Agreement
except for Section 27, to the extent that the Indemnitee was or is, by reason of the Indemnitee’s Corporate Status, a party
to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter
therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless
and exonerate the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith. If the Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify,
hold harmless and exonerate the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. If the Indemnitee is not wholly successful in such Proceeding,
the Company also shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate the
Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter
on which the Indemnitee was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue
or matter.


 


		6.	INDEMNIFICATION FOR EXPENSES OF A WITNESS



 


Notwithstanding any other provision of this Agreement
except for Section 27, to the extent that the Indemnitee is, by reason of the Indemnitee’s Corporate Status, a witness or deponent
in any Proceeding to which the Indemnitee is not a party or threatened to be made a party, the Indemnitee shall, to the fullest extent
permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith.


 


		7.	ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS



 


Notwithstanding any limitation in Sections 3,
4 or 5, but subject to Section 27, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify,
hold harmless and exonerate the Indemnitee if the Indemnitee is a party to or threatened to be made a party to any Proceeding (including
a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, liabilities, fines,
penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or
in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred
by the Indemnitee in connection with the Proceeding. The Indemnitee shall not be entitled to be indemnified, held harmless or exonerated
under this Section 7 in the event that the Indemnitee’s conduct is finally adjudged by a court of competent jurisdiction to
constitute a breach of the Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good
faith or which involves intentional misconduct or a knowing violation of applicable law.


 






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		8.	CONTRIBUTION IN THE EVENT OF JOINT LIABILITY



 


8.1.  To
the fullest extent permissible under applicable law and the Articles, if the indemnification, hold harmless and/or exoneration rights
provided for in this Agreement are unavailable to the Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of
indemnifying, holding harmless or exonerating the Indemnitee, shall pay, in the first instance, the entire amount incurred by the Indemnitee,
whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring the Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right
of contribution it may have at any time against the Indemnitee.


 


8.2.  The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with the Indemnitee (or would be
if joined in such Proceeding) unless such settlement (1) includes an express and unconditional release of the Indemnitee, in form
and substance reasonable satisfactory to the Indemnitee, from all liability arising out of such Proceeding and (2) does not include
a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnitee.


 


8.3.  The
Company hereby agrees to fully indemnify, hold harmless and exonerate the Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than the Indemnitee who may be jointly liable with the Indemnitee. The Indemnitee
shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance
policy of the Company covering the Indemnitee.


 


		9.	EXCLUSIONS



 


Notwithstanding any provision in this Agreement,
the Company shall not be obligated under this Agreement to indemnify, hold harmless, exonerate or advance Expenses in connection with
any claim made against the Indemnitee:


 


(i) for
which payment has actually been received by or on behalf of the Indemnitee under any insurance policy or other indemnity or advancement
provision and which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received
under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;


 


(ii) for
an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or


 


(iii) except
as otherwise provided in Sections 14.6 and 14.7 hereof, prior to a Change in Control, in connection with any Proceeding (or any part of
any Proceeding) initiated by the Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by the Indemnitee against
the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part
of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification,
hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law and the
Articles.


 


		10.	ADVANCES OF EXPENSES; DEFENSE OF CLAIM



 


10.1.  Notwithstanding
any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law
and the Articles, the Company shall pay the Expenses incurred by the Indemnitee (or reasonably expected by the Indemnitee to be incurred
by the Indemnitee within three months) in connection with any Proceeding within 10 days after the receipt by the Company of a statement
or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest
extent permitted by applicable law, be unsecured and interest free. Advances shall, to the fullest extent permitted by applicable law,
be made without regard to the Indemnitee’s ability to repay the Expenses and without regard to the Indemnitee’s ultimate entitlement
to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable
Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements
to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance
of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of the
Indemnitee, to repay the advanced amounts to the extent that
it is ultimately determined that the Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the
provisions of this Agreement, applicable law and the Articles or otherwise. If it shall be determined by a final judgment or other final
adjudication that the Indemnitee was not so entitled to indemnification, any advancement shall be returned to the Company (without interest)
by the Indemnitee. This Section 10.1 shall not apply to any claim made by the Indemnitee for which an indemnification, hold harmless
or exoneration payment is excluded pursuant to Section 9, but shall apply to any Proceeding referenced in Section 9(ii) prior
to a final determination that the Indemnitee is liable therefor.


 






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 10.2. The Company will be entitled to participate in the Proceeding at its own expense.




 


10.3.  The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine,
penalty or limitation on the Indemnitee without the Indemnitee’s prior written consent.


 


		11.	PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION



 


11.1.  The
Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold
harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of the Indemnitee to so notify the Company shall
not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement, or otherwise.


 


11.2.  The
Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate the Indemnitee in accordance with
this Agreement. Such application(s) may be delivered from time to time and at such time(s) as the Indemnitee deems appropriate
in his or her sole discretion. Following such a written application for indemnification by the Indemnitee, the Indemnitee’s entitlement
to indemnification shall be determined according to Section 12.1 of this Agreement.


 


		12.	PROCEDURE UPON APPLICATION FOR INDEMNIFICATION



 


12.1.  A
determination, if required by applicable law or the Articles, with respect to the Indemnitee’s entitlement to indemnification shall
be made in the specific case by one of the following methods, which shall be at the election of the Indemnitee: (i) by a majority
vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of Disinterested Directors
designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (iii) if there are no
Disinterested Directors or if such Disinterested Directors so direct, by an Independent Counsel in a written opinion to the Board, a copy
of which shall be delivered to the Indemnitee, or (iv) by vote of the shareholders by ordinary
resolution. The Company promptly will advise the Indemnitee in writing with respect to any determination that the Indemnitee is or is
not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so
determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within 10 days after such determination.
The Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and
reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred
by the Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to the Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold
the Indemnitee harmless therefrom.


 






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12.2.  In
the event the determination of entitlement to indemnification is to be made by an Independent Counsel pursuant to Section 12.1 hereof,
the Independent Counsel shall be selected as provided in this Section 12.2. The Independent Counsel shall be selected by the Indemnitee
(unless the Indemnitee shall request that such selection be made by the Board), and the Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements
of “Independent Counsel” as defined in Section 2.11 of this Agreement. If the Independent Counsel is selected
by the Board, the Company shall give written notice to the Indemnitee advising the Indemnitee of the identity of the Independent Counsel so selected and certifying
that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2.11
of this Agreement. In either event, the Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of
selection shall have been received, deliver to the Company or to the Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does
not meet the requirements of “Independent Counsel” as defined in Section 2.11 of this Agreement, and the
objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so
selected shall act as the Independent Counsel for such determination as to the Indemnitee’s entitlement to indemnification. If such
written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until
such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days
after submission by the Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no Independent Counsel
shall have been selected and not objected to, either the Company or the Indemnitee may petition the Delaware Court for resolution of any
objection which shall have been made by the Company or the Indemnitee to the other’s selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections
are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1 hereof. Upon the due commencement
of any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, the Independent Counsel shall be discharged
and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).


 


12.3.  The
Company agrees to pay the reasonable fees and expenses of the Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.


 


		13.	PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS



 


13.1.  In
making a determination with respect to the Indemnitee’s entitlement to indemnification hereunder, the person, persons or entity
making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has
submitted a request for indemnification in accordance with Section 11.2 of this Agreement, and the Company shall have the burden
of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to
that presumption. Neither the failure of the Company (including by the Disinterested Directors or the Independent Counsel) to have made
a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances
because the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested
Directors or the Independent Counsel) that the Indemnitee has not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that the Indemnitee has not met the applicable standard of conduct.


 


13.2.  If
the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether the Indemnitee is entitled
to indemnification shall not have made a determination within 30 days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall, to the fullest extent permitted by applicable law and the Articles, be deemed to
have been made and the Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by the Indemnitee of a material
fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited
under applicable law or the Articles; provided, however, that such 30-day period may be extended for a reasonable time,
not to exceed an additional 15 days, if the person, persons or entity making the determination with respect to entitlement to indemnification
in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.


 


13.3.  The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of the Indemnitee to indemnification or create a presumption that the Indemnitee did not act in good faith and in a manner which
the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company or, with respect to any criminal Proceeding,
that the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful.


 






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13.4.  For
purposes of any determination of good faith, the Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s actions
or omissions were taken in good faith reliance upon the records or books of account of the Enterprise, including financial statements,
or on information supplied to the Indemnitee by the directors, managers, managing members or officers of the Enterprise in the course
of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee,
general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee
of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by
an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner,
manager or managing member. The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit in any way the other
circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.


 


13.5.  The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this
Agreement.


 


		14.	REMEDIES OF INDEMNITEE



 


14.1.  In
the event that (i) a determination is made pursuant to Section 12 of this Agreement that the Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law and the Articles, is not timely
made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made
pursuant to Section 12.1 of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement within 10 days
after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to
Section 8 of this Agreement, (vi) payment of indemnification pursuant to Sections 3 or 4 of this Agreement is not made within
10 days after a determination has been made that the Indemnitee is entitled to indemnification, or (vii) payment to the Indemnitee
pursuant to any indemnification, hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with
this Agreement within 10 days after receipt by the Company of a written request therefor, the Indemnitee shall be entitled to an adjudication
by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, the Indemnitee,
at the Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules and Mediation Procedures of the American Arbitration Association. Except as set forth herein, the provisions of Delaware law
(without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose the Indemnitee’s
right to seek any such adjudication or award in arbitration.


 


14.2.  In
the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that the Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and the Indemnitee shall not be prejudiced by reason of that adverse determination.


 


14.3.  In
any judicial proceeding or arbitration commenced pursuant to this Section 14, the Indemnitee shall be presumed to be entitled to
be indemnified, held harmless and exonerated and to receive advancement of Expenses under this Agreement and the Company shall have the
burden of proving the Indemnitee is not entitled to be indemnified, held harmless and exonerated and to receive advancement of Expenses,
as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12.1 of this
Agreement adverse to the Indemnitee for any purpose. If the Indemnitee commences a judicial proceeding or arbitration pursuant to this
Section 14, the Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final
determination is made with respect to the Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been
exhausted or lapsed).


 


14.4.  If
a determination shall have been made pursuant to Section 12.1 of this Agreement that the Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law or the Articles.


 






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14.5.  The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any
such arbitrator that the Company is bound by all the provisions of this Agreement.


 


14.6.  The
Company shall indemnify and hold harmless the Indemnitee to the fullest extent permitted by applicable law and the Articles against all
Expenses and, if requested by the Indemnitee, shall (within 10 days after the Company’s receipt of such written request) pay to
the Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by the Indemnitee in connection with
any judicial proceeding or arbitration brought by the Indemnitee: (i) to enforce the Indemnitee’s rights under, or to recover
damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement
or provision of the Articles now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by
any person for the benefit of the Indemnitee, regardless of the outcome and whether the Indemnitee ultimately is determined to be entitled
to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless
such judicial proceeding or arbitration was not brought by the Indemnitee in good faith).


 


14.7.  Interest
shall be paid by the Company to the Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless
or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date
on which the Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses
and ending with the date on which such payment is made to the Indemnitee by the Company.


 


		15.	SECURITY



 


Notwithstanding anything herein to the contrary
except for Section 27, to the extent requested by the Indemnitee and approved by the Board, the Company may at any time and from
time to time provide security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit,
funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior
written consent of the Indemnitee.


 


		16.	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION;
PRIORITY OF OBLIGATIONS



 


16.1.  The
rights of the Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at
any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors, or otherwise.
No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of the Indemnitee under
this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim,
issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under
the Articles or this Agreement, then this Agreement (without any further action by the parties hereto) shall automatically be deemed to
be amended to require that the Company indemnifies the Indemnitee to the fullest extent permitted by applicable law and the Articles.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of
any other right or remedy.


 


16.2.  The
Articles and applicable law permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements
including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
on behalf of the Indemnitee against any liability asserted against the Indemnitee or incurred by or on behalf of the Indemnitee or in
such capacity as a director, officer, employee or agent of the Company, or arising out of the Indemnitee’s status as such, whether
or not the Company would have the power to indemnify the Indemnitee against such liability under the provisions of this Agreement and
the Articles or under Cayman Islands law, as it may then be in effect.
The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and
obligations of the Company or of the Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery
of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights and obligations of the Company or
the other party or parties thereto under any such Indemnification Arrangement.


 






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16.3.  To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves
at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee
or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which the Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter use commercially reasonable efforts to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.


 


16.4.  In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by applicable law, shall be subrogated to
the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.


 


16.5.  The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to an Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any
other Enterprise shall be reduced by any amount the Indemnitee has actually received as indemnification (to the extent that such amount
has not subsequently been returned), hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding
any other provision of this Agreement to the contrary except for Section 27, (i) the Indemnitee shall have no obligation to
reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance
coverage among multiple parties possessing such duties to the Indemnitee prior to the Company’s satisfaction and performance of
all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard
to whether the Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution
or insurance coverage rights against any person or entity other than the Company.


 


		17.	DURATION OF AGREEMENT



 


All agreements and obligations of the Company
contained herein shall continue during the period the Indemnitee serves as a director or officer or advisor or key employee of the Company
or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other company or corporation,
partnership, joint venture, trust, employee benefit plan or other Enterprise which the Indemnitee serves at the request of the Company
and shall continue thereafter so long as the Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto
and any Proceeding commenced by the Indemnitee pursuant to Section 14 of this Agreement) by reason of the Indemnitee’s Corporate
Status, whether or not the Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification
or advancement can be provided under this Agreement.


 


		18.	SEVERABILITY



 


If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of
the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law; (b) 
such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or
sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby.


 






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		19.	ENFORCEMENT AND BINDING EFFECT



 


19.1.  The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce the Indemnitee to serve as a director, officer, advisor or key employee of the Company, and the Company acknowledges that the
Indemnitee is relying upon this Agreement in serving as a director, officer, advisor or key employee of the Company.


 


19.2.  Without
limiting any of the rights of the Indemnitee under the Articles of the Company as they may be amended from time to time, this Agreement,
together with the Insider Letter, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof.


 


19.3.  The
indemnification, hold harmless, exoneration rights and the advancement of Expenses provided by or granted pursuant to this Agreement shall
be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a director, officer, advisor, key employee or agent of the Company or a director, officer,
trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request,
and shall inure to the benefit of the Indemnitee and the Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.


 


19.4.  The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place.


 


19.5.  The
Company and the Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult to prove, and further agree that such breach may cause the Indemnitee irreparable harm. Accordingly, the parties hereto
agree that the Indemnitee may, to the fullest extent permitted by applicable law, enforce this Agreement by seeking, among other things,
injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking
injunctive relief and/or specific performance, the Indemnitee shall not be precluded from seeking or obtaining any other relief to which
the Indemnitee may be entitled. The Company and the Indemnitee further agree that the Indemnitee shall, to the fullest extent permitted
by applicable law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company
acknowledges that in the absence of a waiver, a bond or undertaking may be required of the Indemnitee by a court of competent jurisdiction.
The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by applicable law.


 


		20.	MODIFICATION AND WAIVER



 


No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.


 






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		21.	NOTICES



 


All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by
the party to whom said notice or other communication shall have been directed, upon such delivery, or (ii) if mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:


 


If to the Indemnitee, to the address indicated on the signature page of
this Agreement, or such other address as the Indemnitee shall provide in writing to the Company.


 


If to the Company, to:


 


Semper Paratus Acquisition Corporation


767 Third Avenue, 38th Floor 


New York, New York 10017


Attention: B. Ben Baldanza


 


With a copy, which shall not constitute notice, to:


 


Reed Smith LLP 


599 Lexington Avenue 


New York, New York 10022


Attn: Ari Edelman


 


or to any other address as may have been furnished
to the Indemnitee in writing by the Company.


 


		22.	APPLICABLE LAW AND CONSENT TO JURISDICTION



 


This Agreement and the legal relations among the
parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its
conflict of laws rules. Except with respect to any arbitration commenced by the Indemnitee pursuant to Section 14.1 of this Agreement,
to the fullest extent permitted by applicable law, the Company and the Indemnitee hereby irrevocably and unconditionally: (a) agree
that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not
in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the
exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement;
(c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree
not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by applicable law, the parties
hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21,
or in such other manner as may be permitted by applicable law, shall be valid and sufficient service thereof.


 


		23.	IDENTICAL COUNTERPARTS



 


This Agreement may be executed in one or more
counterparts (including facsimile or PDF counterparts), each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought
needs to be produced to evidence the existence of this Agreement.


 


		24.	MISCELLANEOUS



 


The headings of the paragraphs of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.


 






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		25.	PERIOD OF LIMITATIONS



 


No legal action shall be brought and no cause
of action shall be asserted by or in the right of the Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors
or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim
or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within
such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause
of action such shorter period shall govern.


 


		26.	ADDITIONAL ACTS



 


If for the validation of any of the provisions
in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by applicable law, the
Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the
Company to fulfill its obligations under this Agreement.


 


		27.	WAIVER OF CLAIMS TO TRUST ACCOUNT



 


Notwithstanding anything contained herein to the
contrary, the Indemnitee hereby (i) agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering (the “IPO”)
for the benefit of the public shareholders of the Company and into which substantially all of the proceeds of the Company’s IPO
will be deposited (the “Trust Account”), (ii) irrevocably waives any Claim it presently has or may have
in the future as a result of, or arising out of, any services provided by the Indemnitee to the Company, which Claim would reduce, encumber,
or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account and (iii) agrees that it will
not seek recourse against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever. Accordingly,
the Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if the
Company (i) has sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii) consummates a Business
Combination.


 


		28.	MAINTENANCE OF INSURANCE



 


The Company shall use commercially reasonable
efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under
this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company
with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations
under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee
shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most
favorably insured of the Company’s directors and officers.


 


[SIGNATURE PAGE FOLLOWS]


 






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IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement
to be signed as of the day and year first above written.


 


	 	SEMPER PARATUS ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


	 	INDEMNITEE
	 	 
	 	Name:
	 	Address:


 


[Signature Page to Indemnity Agreement]


 






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