Document:

Exhibit
10.4

 

LETTER
AGREEMENT

 

[●],
2021

 

Cartesian
Growth Corporation

505
Fifth Avenue, 15th Floor

New
York, New York 10017

 

Cantor
Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

 

Re:
Initial Public Offering.

 

Ladies and Gentlemen: 

 

This
letter agreement (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and between Cartesian Growth Corporation, a Cayman Islands
exempted company (the “Company”), and Cantor Fitzgerald & Co. as representative (the “Representative”)
of the Underwriters (the “Underwriters”), relating to the underwritten initial public offering
(the “IPO”) of the Company’s units (the “Units”), each comprised of
one Class A ordinary share of the Company, $0.0001 par value (the “Ordinary Shares”), and one-third of
one warrant.  Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one Ordinary
Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the IPO pursuant to a Registration Statement
on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission
(the “SEC”). Certain capitalized terms used herein are defined in paragraph 11 hereof. 

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned individuals,
each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”), hereby agrees with the Company as follows:

 

1.
If the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares
and Class B ordinary shares of the Company, $0.0001 par value beneficially owned by him, whether acquired before, in or after
the IPO, in favor of such Business Combination.

 

2.
In the event that the Company fails to consummate a Business Combination within 24 months from the closing of the IPO, or such
later period approved by the Company’s shareholders in accordance with the Memorandum and Articles of Association, the undersigned
shall take all reasonable steps as an officer and/or director of the Company, as applicable, to (i) cause the Company to cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but no more than ten business days
after the expiration of such period, subject to applicable Cayman Islands law, redeem the IPO Shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Fund including interest earned on the funds held in the Trust
Fund (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses) divided by
the number of then-outstanding IPO Shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the Company’s remaining holders of Ordinary Shares and the Board of Directors,
cause the Company to dissolve and liquidate, subject in the case of (ii) and (iii) above to the Company’s obligations under
Cayman Islands law to provide for claims of creditors and the requirements of other applicable laws. The undersigned agrees not
to propose any amendment to the Memorandum and Articles of Association that would affect the substance or timing of the Company’s
obligation to provide holders of the IPO Shares the right to have their shares redeemed in connection with an initial Business
Combination or to redeem 100% of the IPO Shares if the Company does not complete an initial Business Combination within 24 months
from the consummation of the IPO unless the Company provides holders of the IPO Shares with the opportunity to redeem their IPO
Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Fund, including interest earned on the funds held in the Trust Fund and not previously released to the Company to
pay taxes, if any, divided by the number of then-outstanding IPO Shares.

 

     

     

    

 

3.
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund
and any remaining net assets of the Company as a result of such liquidation with respect to any Ordinary Shares acquired by the
undersigned (“Claim”) and hereby waives any Claim the undersigned may have in the future as a result
of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any
reason whatsoever.

 

4.
The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with the undersigned or any Insiders of the Company or their affiliates, including any company that is a portfolio company of,
or otherwise affiliated with, or has received financial investment from, an entity with which the undersigned or any Insider or
their affiliates is affiliated, such transaction must be approved by a majority of the Company’s disinterested independent
directors and the Company must obtain an opinion from an independent investment banking firm that is a member of the Financial
Regulatory Authority or an independent accounting firm that such Business Combination is fair to the Company’s unaffiliated
shareholders from a financial point of view.

 

5.
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned
will not, without the prior written consent of the Representative pursuant to the Underwriting Agreement, (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, hedge or otherwise dispose of or agree to dispose of (or enter into any transaction
that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective
economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person
in privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation
in the filing) of a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder with respect to, any Units, Ordinary Shares or Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by him, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Ordinary Shares, Warrants
or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by him, whether any such transaction
is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any
transaction, including the filing of a registration statement, specified in clause (i) or (ii). The undersigned acknowledges and
agrees that, prior to the effective date of any release or waiver of the restrictions set forth in this paragraph 5, the Company
shall announce the impending release or waiver by press release through a major news service at least two business days before
the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days after the
publication of such press release. The provisions of this paragraph will not apply to any transfer not for consideration provided
that the transferee in each case has agreed in writing to be bound by the same terms described in this Letter Agreement to the
extent and for the duration that such terms remain in effect at the time of the transfer.

 

6.
Neither the undersigned, nor any member of the family of the undersigned, nor any affiliate of the undersigned, will be entitled
to receive or accept a finder’s fee, reimbursement, cash payment, or any other compensation in connection with any services
rendered prior to or in connection with the completion of the Business Combination; provided that the Company shall be allowed
to make the payments set forth in the Prospectus adjacent to the caption “Summary—The Offering—Limited payments
to insiders.”

 

7.
The undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate
in all material respects, does not omit any material information with respect to the undersigned’s biography and contains
all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of
1933, as amended. Each undersigned’s Director and Officer General Questionnaire previously furnished to the Company is true
and accurate in all material respects.

 

8.
The undersigned has full right and power, without violating any agreement by which the undersigned is bound (including, without
limitation, any non-competition or non-solicitation with any employer or former employer), to enter into this Letter Agreement
and to serve and hold the current position/title of the Company, as applicable.

 

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9.
The undersigned hereby waives his right to exercise redemption rights with respect to any Ordinary Shares owned or to be owned
by the undersigned, directly or indirectly, whether purchased prior to the IPO, in the IPO or in the aftermarket, and agrees that
he will not seek redemption with respect to or otherwise sell such shares to the Company in connection with any Business Combination.

 

10.
This Letter 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. 
Each of the parties hereto (i) agrees that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waives any objection to
such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

11.
As used herein, (i) a “Business Combination” shall mean an acquisition, share exchange, share
reconstruction and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of,
or engaging in any other similar business combination with one or more businesses or entities; (ii) “Memorandum
and Articles of Association” shall mean the Company’s Amended and Restated Memorandum and Articles of
Association, as the same shall be amended from time to time; (iii) “Insiders” shall mean all officers,
directors and shareholders of the Company immediately prior to the IPO; (iv) “IPO Shares” shall
mean the Ordinary Shares issued in the Company’s IPO; and (v) “Trust Fund” shall mean the
trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

12.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery,  facsimile transmission, or electronic mail.

 

13.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other party. Any purported assignment in violation of this paragraph 13 shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the parties hereto and any successors and assigns thereof.

 

14.
This Letter Agreement shall terminate on the liquidation of the Company; provided, however, that this Letter Agreement shall earlier
terminate in the event that the IPO is not consummated and closed by June 30, 2021.

 

15.
The undersigned acknowledge and understand that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render any Underwriter
a representative of, or a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

[Signature
Page Follows]

 

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	 	Sincerely,
	 	 	 
	 	By:	             
	 	Name of Insider: Peter Yu
	 	 	 
	 	By:	 
	 	Name of Insider: Gregory Armstrong
	 	 	 
	 	By:	 
	 	Name of Insider: Elias Diaz Sese
	 	 	 
	 	By:	 
	 	Name of Insider: Bertrand Grabowski
	 	 	 
	 	By:	 
	 	Name of Insider: Daniel Karp

 

	Acknowledged and Agreed:	 
	 	 	 
	CARTESIAN GROWTH CORPORATION	 
	 	 	 
	By:	 	 
	Name:	Peter Yu	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Letter Agreement (Directors, Director Nominees, and Executive Officers)]

 

 

4Exhibit 10.5

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of [●], 2021 by and between Cartesian Growth Corporation,
a Cayman Islands exempted company (the “Company”) and Continental Stock Transfer & Trust Company, a New
York corporation (the “Trustee”).

 

WHEREAS, the
Company’s Registration Statement on Form S-1 (File No. 333-252784) (the “Registration Statement”), and
prospectus for the initial public offering of 25,000,000 units (or 28,750,000 units in the aggregate if the Underwriter’s
option to purchase additional units is exercised in full), at a price of $10.00 per unit (the “Units”), each
Unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (the “Ordinary Share(s)”),
and one-third of one warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price
of $11.50 per share (the “Warrant(s)”) (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 (capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, Cantor
Fitzgerald & Co. (the “Underwriter”) is acting as the sole book-running manager and as the representative
of the underwriters in the Offering pursuant to an underwriting agreement between the Company and the Underwriter (the “Underwriting
Agreement”); and

 

WHEREAS, simultaneously
with the Offering, the Company’s sponsor will be purchasing an aggregate of 7,000,000 Warrants (or 7,750,000 Warrants if
the Underwriter’s option to purchase additional Units is exercised in full) at a price of $1.00 per warrant for a total purchase
price of $7,000,000 (or $7,750,000 if the Underwriter’s option to purchase additional Units is exercised in full) in a private
placement (the “Warrant Private Placement”); and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association,
$250,000,000 of the gross proceeds of the Offering and the Warrant Private Placement ($287,500,000 if the Underwriter’s option
to purchase additional Units 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 Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to be delivered
to the Trustee (and any interest earned thereon) is referred to herein as the “Property,” the shareholders for
whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the
Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant
to the Underwriting Agreement, a portion of the Property equal to $8,750,000 (or $10,062,500, if the Underwriter’s option
to purchase additional Units is exercised in full) is attributable to deferred underwriting discounts and commissions that may
be payable by the Company to the Underwriter upon 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 located in the United States at Morgan Stanley (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion) and at a brokerage institution selected by the Trustee that is 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 only in U.S. government treasury
bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations; it being understood that the
Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while
on deposit, 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 Underwriter 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 its 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 (i) receipt of, and only in accordance with, the terms of a letter
from the Company (a “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, President,
Chief Financial Officer or Chairman of the board of directors of the Company (the “Board”) or other authorized
officer of the Company, and, in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit
A, acknowledged and agreed to by the Underwriter and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and
the other documents referred to therein or (ii) upon the date which is the later of (A) 24 months after the closing of the Offering
and (B) such later date as may be approved by the Company’s shareholders in accordance with the Company’s Amended and
Restated Memorandum and Articles of Association, 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 earned on the funds held in the Trust Account and not previously
released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), shall be distributed to
the Public Shareholders of record as of such date;

 

(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 (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Trust Account requested by the Company to cover any taxes 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. The
written request of the Company 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;

 

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(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 (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf
of the Company the amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted
in connection with a shareholder vote to approve an amendment to the Company’s Amended and Restated Memorandum and Articles
of Association (i) to modify the substance or timing of the Company’ obligation to redeem 100% of its Ordinary Shares if
it does not complete its initial merger, capital stock exchange, asset acquisition, stock purchase, or reorganization or engaging
in any other similar business combination with one or more businesses or entities (a “Business Combination”)
within 24 months from the closing of the Offering or (ii) with respect to any other provision relating to shareholders’ rights
or pre-Business Combination activity (in each case, an “Amendment”). 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

 

(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,
President, Chief Financial Officer, or other authorized officer of the Company. In addition, except with respect to its duties
under Sections 1(i), (j) or (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 reasonable and documented
expenses, including reasonable outside 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. 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. 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 it is distributed to the Company pursuant to Sections 1(i) through
1(k) hereof. 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 annual administration 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 shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes (which firm
may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business Combination;

 

(e) Provide
the Underwriter 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;

 

(f) Unless
otherwise agreed between the Company and the Underwriter, 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 Underwriter on behalf of the several underwriters prior to any transfer of the funds
held in the Trust Account to the Company or any other person;

 

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(g) 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; and

 

(h) Within
five (5) business days after the Underwriter exercises its option to purchase additional Units (or any unexercised portion thereof)
or such option to purchase additional Units expires, provide the Trustee with a notice in writing of the total amount of the Deferred
Discount.

 

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 Sections 1 and 2 hereof, and the Trustee shall have no
liability to any third party except for liability arising out of the Trustee’s own 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 written 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) Change
the investment of any Property, other than in compliance with Section 1 hereof;

 

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

 

(f) 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;

 

(g) The
other parties hereto or to anyone else for any action taken or omitted by the Trustee, or any action suffered by the Trustee to
be taken or omitted, in good faith and in the exercise of the Trustee’s own 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), 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;

 

(h) Verify
the accuracy of the information contained in the Registration Statement;

 

(i) 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;

 

(j) 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;

 

(k) 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, income tax obligations, except pursuant to Section 1(j) hereof; or

 

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

 

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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 during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within six (6) months
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 for any events occurring or actions taken after such deposit;

 

(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); or

 

(c) Upon
written notice from the Company to the Trustee in the event that the Trustee has committed any act of gross negligence, fraud or
willful misconduct.

 

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 will rely upon all information supplied to it by the Company, including account names, account
numbers and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. 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, 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.

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of
the holders of at least two thirds of the then outstanding Ordinary Shares in respect of which votes are cast at a duly convened
general meeting of the Company; provided that no such amendment will affect any Public Shareholder who has otherwise indicated
his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement),
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.

 

    5

     

    

 

(d) 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.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com and cgonzalez@continentalstock.com

 

if to the Company, to:

 

Cartesian Growth Corporation

505 Fifth Avenue, 15th Floor

New York, New York 10017

Attention: Peter Yu, Chief Executive Officer

Email: peter@cartesiangrowth.com

 

in either case with a copy to:

 

Greenberg Traurig, LLP

200 Park Avenue

New York, New York 10166

Attention: Alan A. Annex, Esq., Jason T. Simon, Esq. and Adam Namoury, Esq.

Email: annexa@gtlaw.com, simonj@gtlaw.com and namourya@gtlaw.com

 

(f) 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.

 

(g) 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.

 

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

 

(i) Each
of the Company and the Trustee hereby acknowledges that the Underwriter is a third party beneficiary of this Agreement.

 

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

 

[Signature Page Follows]

 

    6

     

    

 

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:	 
	 	 	 
	 	CARTESIAN GROWTH CORPORATION.
	 	 	 
	 	By:	 
	 	Name: 	Peter Yu
	 	Title:  	Chief Executive Officer

 

     

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of the Offering by wire transfer	 	$	3,500	 
	Annual fee	 	First year fee payable at initial closing of the Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	 	Billed to Company following disbursement made to Company under Sections 1(i) and 1(j)	 	$	250	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates	 

 

     

     

    

EXHIBIT A

 

[Letterhead
of the Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between Cartesian Growth Corporation (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 [●] (the “Target Business”) to
consummate a Business Combination with the Target Business on or about [insert date]. The Company shall notify you at least
72 hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business Combination
(the “Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer
the proceeds to 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 Cantor Fitzgerald
& Co. (the “Underwriter”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust account at Morgan Stanley awaiting distribution,
neither the Company nor the Underwriter will earn any interest or dividends.

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification (the “Notification”) that the Business
Combination has been consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts
as directed by the Underwriter (with respect to the Deferred Discount) and the Company and (ii) the Company shall deliver to you
(a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s shareholders in connection with
the Business Combination if a vote is held and (b) joint written instructions (the “Instruction Letter”) signed
by the Company and the Underwriter with respect to the transfer of the funds held in the Trust Account, including payment of the
Deferred Discount from the Trust Account. 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 in the Trust Account
pursuant to the terms hereof, 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 the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

[Signature Page Follows]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	CARTESIAN GROWTH CORPORATION
	 	 
	 	By:	                         
	 	Name:
	 	Title:

 

	AGREED TO AND ACKNOWLEDGED BY:	 
	 	 
	CANTOR FITZGERALD & CO.	 
	 	 
	By:	                                    	 
	Name:	 
	Title:	 
	 	 

 

     

     

    

EXHIBIT B

 

[Letterhead
of the Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between Cartesian Growth Corporation (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 company within the time frame
specified in the Company’s Amended and Restated Memorandum and Articles of Association as described in the Company’s
Registration Statement relating to the Offering. Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total
proceeds to the trust account at Morgan Stanley to await distribution to the Public Shareholders. The Company has selected [●],
20[●] as the date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the
liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit
in the trust account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, to distribute
said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated
Memorandum and Articles of Association of the Company. Upon the distribution of all the funds in the Trust Account, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

		Very truly yours,
	 	 
	 	CARTESIAN GROWTH CORPORATION
	 	 
	 	By:	                         
	 	Name:
	 	Title:

 

		cc:	Cantor Fitzgerald & Co.

 

     

     

    

EXHIBIT C

 

[Letterhead
of the Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between Cartesian Growth Corporation (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 herein and not otherwise defined 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,
	 	 
	 	CARTESIAN GROWTH CORPORATION
	 	 
	 	By:	                         
	 	Name:
	 	Title:

 

		cc:	Cantor Fitzgerald & Co.

 

     

     

    

EXHIBIT D

 

[Letterhead
of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account – Shareholder Redemption Withdrawal
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to
the Investment Management Trust Agreement between Cartesian Growth Corporation (the “Company”) and Continental
Stock Transfer & Trust Company, dated as of [●], 2021 (the “Trust Agreement”). Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

Pursuant to Section
1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $[●]
of the proceeds of the Trust Account to the checking account at [●] for distribution to the shareholders that have requested
redemption of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 
	 	CARTESIAN GROWTH CORPORATION
	 	 
	 	By:	                         
	 	Name:
	 	Title:

 

		cc:	Cantor Fitzgerald & Co.

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