Exhibit 10.3 

  INVESTMENT MANAGEMENT TRUST AGREEMENT

   

  This Investment Management Trust Agreement (this “Agreement”) is made
      effective as of [               ], 2021 by and between Sparta Healthcare Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, LLC, a New York corporation (the “Trustee”).

   

  WHEREAS, the Company’s registration statement on Form S-1, No. 333-[                ] (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of one
      share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public
      offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

   

  WHEREAS, the Company has entered into an Underwriting Agreement (the
      “Underwriting Agreement”) with Kingswood Capital Markets, division of Benchmark Investments, Inc., as representative (the “Representative”) of the several underwriters (the “Underwriters”); and

   

  WHEREAS, as described in the Prospectus, $102,000,000 of the gross
      proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $117,300,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held
      in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be
      delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public
      Stockholders and the Company will be referred to together as the “Beneficiaries”); and

   

  WHEREAS, pursuant to the Underwriting Agreement, a portion of the
      Property equal to $3,500,000, or $4,025,000 if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and
      concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); 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.

   

  NOW THEREFORE, 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 the Trust Account established by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. 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 written instruction of the Company, invest and reinvest the Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company
      Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any
      successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while
      account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration;

   

  
     

    
      
 

  

  
   

   

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

   

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

   

  (f)                  Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax returns relating to assets held in the
      Trust Account;

   

  (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;

   

  (i)                   Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially
      similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the board of directors of the Company (the “Board”) or
      other authorized officer of the Company, and, in the case of 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, including interest not
      previously released to the Company to pay its taxes, only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (i) 12 months from the consummation of this offering (or up to 18
      months from the consummation of this offering if the Company extends the period of time to consummate a business combination as described in more detail in the Prospectus) or (ii) such later date as may be approved by the Company’s stockholders in
      accordance with the Company’s amended and restated certificate of incorporation, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures
      set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay
      dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee
      begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has
      been distributed to the Public Stockholders;

   

  (j)                   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, withdraw from the Trust Account and distribute to the
      Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered
      directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust
      Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction in the principal amount initially
      deposited in the Trust Account; provided, further, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for the
      Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable. The written request of the Company in the form of Exhibit C referenced above shall constitute presumptive evidence that the
      Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust
      Account);

   

  (k)                 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 D, the Trustee shall distribute to the Public Stockholders
      of record as of such date the amount requested by the Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and restated
      certificate of incorporation (a) to modify the substance or timing of the Company’s obligation to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company has not consummated an initial Business Combination
      within such time as is described in the Company’s amended and restated certificate of incorporation or (b) with respect to any other provisions relating to stockholders’ rights or pre-initial Business Combination activity. The written request of the
      Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

   

  
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  (l)                   Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

   

  2.              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, Chief Financial Officer or Secretary. In addition, except with respect
      to its duties under Sections 1(i), 1(j) and 1(k) hereof, 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 and with reasonable care, 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 Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the
      Trustee in connection with any action taken by it hereunder and in connection with any 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 interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud 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 2(b), it shall notify the Company in writing of such claim
      (hereinafter referred to as the “Indemnified Claim”). 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 or delayed. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld or delayed. The
      Company may participate in such action with its own counsel;

   

  (c)                 Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee 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 unless and until the consummation of the Business Combination (as defined below). The Company shall pay the Trustee the initial acceptance fee
      and the first annual administration fee at the consummation of the Offering. The Trustee shall refund to the Company the monthly fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be
      responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

   

  (d)                 In connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the
      Company and one or more businesses (the “Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination;

   

  (e)                 Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly
      after it issues the same;

   

  
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  (f)                  Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this
      Agreement;

   

  (g)                 Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in
      writing of the total amount of the Deferred Discount, which shall in no event be less than $3,500,000;

   

  (h)                 Issue a press release at least three days prior to the end of the period of time in which the Company must consummate a business combination announcing that, at least five days prior to the end of such
      period, the Company received notice from the Company’s insiders that the insiders intend to extend such period as described in the Prospectus;

   

  (i)                   Promptly following the end of the period of time in which the Company must consummate a business transaction, disclose whether or not such period has been extended; and

   

  (j)                   Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit
      A expressly provides that the Deferred Discount is paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to the Company or any other person.

   

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

   

  (a)                 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;

   

  (b)                 Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any third party except for liability arising out of the Trustee’s
      gross negligence, fraud or willful misconduct;

   

  (c)                 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;

   

  (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 Trustee’s reasonable best judgment, except
      for the Trustee’s gross negligence, fraud 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,
      which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with reasonable care, 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 accuracy of the information contained in the Registration Statement;

   

  
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  (h)                 Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

   

  (i)                   File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the
      Company, if any, relating to any interest income earned on the Property;

   

  (j)                   Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account, regardless of whether such
      tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

   

  (k)                 Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) and 1(k) hereof.

   

  4.             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 2(b) or Section 2(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.

   

  5.              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, pending which the Trustee
      shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed 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 and its obligations 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 2(b).

   

  6.             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
      confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall 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. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense
      resulting from any error in the information or transmission of the funds.

   

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

   

  
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  (c)                 This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or
      modified (other than to correct a typographical error) by a writing signed by each of the parties hereto.

   

  (d)                 This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent of the Stockholders, it being the specific intention of the parties
      hereto that each of the Company’s stockholders is, and shall be, a third party beneficiary of this Section 6(d) with the same right and power to enforce this Section 6(d) as the other parties hereto. For purposes of this Section 6(d), the “Consent of
      the Stockholders” means receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that either (i) the Company’s stockholders of record as of a record date established in accordance with Section
      213(a) of the Delaware General Corporation Law, as amended (“DGCL”) (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the
      Company voting together as a single class, have voted in favor of such change, amendment or modification, or (ii) the Company’s stockholders of record as of the record date who hold sixty-five percent (65%) or more of all then outstanding shares of
      the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have delivered to such entity a signed writing approving such change, amendment or modification. No such amendment will affect
      any Public Stockholder who has otherwise indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement. Except for any liability arising out of the Trustee’s gross negligence, fraud
      or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed amendment in reliance thereon.

   

  (e)                 The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY
      CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

   

  (f)                  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 facsimile or email transmission:

   

  if to the Trustee, to:

   

  Continental Stock Transfer & Trust Company

  

  1 State Street, 30th Floor 

  New York, NY 10004

  

  Attn: Francis Wolf and Celeste Gonzalez 

  Email: fwolf@continentalstock.com

  

  Email: cgonzalez@continentalstock.com

   

  if to the Company, to:

   

  Sparta Healthcare Acquisition Corp. 

  2537 Research Blvd., Suite 201

  

  Fort Collins, CO 80526 

  Attn.: Michael Handley

   

  in each case, with copies to:

   

  Loeb & Loeb LLP

  

  345 Park Avenue 

  New York, New York 10154

  

  Attention: Mitchell S. Nussbaum, Esq. 

  Telephone No.: (212) 407-4000

  

  Email: mnussbaum@loeb.com

   

  
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  and

   

  Kingswood Capital Markets, division of Benchmark Investments, Inc.

  

  17 Battery Place, Suite 625 

  New York, NY 10004

  

  Attn.: Legal Department 

  Fax No.:

   

  and

   

  Nelson Mullins Riley & Scarborough LLP

  

  101 Constitution Ave., N.W., Suite 900 

  Washington, D.C. 20001

  

  Attn.: Andrew M. Tucker, Esq. 

  Telephone No.: (202) 689-2800

  

  Email: andy.tucker@nelsonmullins.com

   

  (g)                 Each of the Company and the Trustee 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.

   

  (h)                 This Agreement is the joint product of the Trustee and the Company 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.

   

  (i)                   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.

   

  (j)                   Each of the Company and the Trustee hereby acknowledges and agrees that the Representative, on behalf of the Underwriters, is a third party beneficiary of this Agreement.

   

  (k)                 Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

   

  [Signature Page Follows]

   

  
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  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:
	 	Title:


   

  

  

  

  		Sparta Healthcare Acquisition Corp.


   

  		By:	 


  

  		Name: Michael Handley


  

  		Title: President and Chief Executive Officer


   

  

   Signature Page to Investment

  Management Trust Agreement

   

  
     

    
      
 

  

   

   

  SCHEDULE A

   

  	
          Fee Item

        	 	
          Time and method of payment

        	 	
          Amount

          

        
	Initial set-up fee.	 	Initial closing of Offering by
            wire transfer.	 	 $ 3,500.00	 
	 	 	 	 	 	 
	Trustee administration fee 	 	Payable annually. First year fee
            payable at initial closing of Offering by wire transfer thereafter by wire transfer or check.	 	 $
            10,000.00	 
	 	 	 	 	 	 
	Transaction processing fee for
            disbursements to Company under Sections 1(i), 1(j) and 1(k)	 	Billed to Company following
            disbursement made to Company under Section 1  	 	 $250.00

            per item presented

            

          	 
	 	 	 	 	 	 
	Paying Agent services as
            required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery
            of service pursuant to Section 1(i) and 1(k)	 	Prevailing rates	 
	 	 	 	 	 	 	 


   

  
     

    
      
 

  

   

   

  EXHIBIT A

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  

  1 State Street, 30th Floor 

  New York, New York 10004

  

  Attn: Francis Wolf and Celeste Gonzalez

   

  Re: Trust Account No. Termination Letter

   

  Dear [ ]:

   

  Pursuant to Section 1(i) of the Investment Management Trust Agreement
      between Sparta Healthcare Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of       , 2021 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement
      with [insert name] (the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date of
      the consummation of the Business Combination (or such shorter time period as you may agree) (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  In accordance with the terms of the Trust Agreement, we hereby authorize
      you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the 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 (including as directed to it by the Representative on behalf of the Underwriters (with respect to the Deferred
      Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A., 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, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you a
      certification by the Chief Executive Officer of the vote with an affidavit which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a written instruction signed by the Company
      and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount to the Representative from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to
      transfer the funds held in the Trust Account immediately upon your receipt of the Notification 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 in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the
      Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under 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 Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible.

   

  

   

  
     

    
      
 

  

  
   

   

   

  		Very truly yours,


   

  		Sparta Healthcare Acquisition Corp.


   

  		By:	 
	 	Name:
	 	Title:


  

   
  

  Kingswood Capital Markets, division of Benchmark Investments, Inc.

   

  

  	By:	 	 


  

  	Name: 	 


  

  	Title: 	 


   

   

  
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  EXHIBIT B

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  

  1 State Street, 30th Floor

  

  New York, New York 10004

  

  Attn: Francis Wolf and Celeste Gonzalez

   

  Re: Trust Account No. Termination Letter

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Pursuant to Section 1(i) of the Investment Management Trust Agreement
      between Sparta Healthcare Acquisition Corp.(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of       , 2021 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a
      business combination with a Target Business within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined
      herein 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 of the assets in the Trust Account and to transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected [ ](1) as the
      effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to
      distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, net of any
      payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

   

  (1) 12 months from the closing of the Offering (or up to 18 months from
      the consummation of the Offering if we extend the period of time to consummate a business combination as described in more detail in the Prospectus) or at a later date, if extended.

   

  		Very truly yours,


   

  		Sparta Healthcare Acquisition Corp.


   

  		By:	 
	 	Name:
	 	Title:


   

  

   

   

  
     

    
      
 

  

   

   

  EXHIBIT C

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  

  1 State Street, 30th Floor 

  New York, New York 10004

  

  Attn: Francis Wolf and Celeste Gonzalez

   

  Re: Trust Account No. Tax Payment Withdrawal Instruction

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Pursuant to Section 1(j) of the Investment Management Trust Agreement
      between Sparta Healthcare Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of       , 2021 (the “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. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  The Company needs such funds to pay for the tax obligations as set forth
      on the attached tax return or tax statement. 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]

   

  		Very truly yours,


   

  		Sparta Healthcare Acquisition Corp.


   

  		By:	 
	 	Name:
	 	Title:


   

  
     

    
      
 

  

   

   

  EXHIBIT D

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  

  1 State Street, 30th Floor 

  New York, New York 10004

  

  Attn: Francis Wolf and Celeste Gonzalez:

   

  Re: Trust Account No. Stockholder Redemption Withdrawal Instruction

   

  Dear Mr. Wolf and Ms. Gonzalez

   

  Pursuant to Section 1(k) of the Investment Management Trust Agreement between Sparta
      Healthcare Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of       , 2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders of
      the Company $       of the principal and interest income earned on the Property as of the date hereof into a segregated account held by you on behalf of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set
      forth in the Trust Agreement.

   

  The Company needs such funds to pay its Public Stockholders who have properly elected to
      have their shares of Common Stock redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation that would affect the substance or timing of the Company’s
      obligation to redeem 100% of its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation or with respect to
      any other provisions relating to stockholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter into a segregated
      account held by you on behalf of the Beneficiaries.

   

  		Very truly yours,


   

  		Sparta Healthcare Acquisition Corp.


   

  		By:	 
	 	Name:
	 	Title: