Document:

Exhibit 10.3

 

THE
OFFER AND SALE OF THIS AMENDED AND RESTATED PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

AMENDED AND RESTATED
PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000	
    September 10, 2021

    New York, New York

 

Sanaby
Health Acquisition Corp. I, a Delaware corporation and blank check company (the “Maker”), promises to pay to the
order of Sanaby Health Sponsor I LLC, a Delaware limited liability company or its registered assigns or successors in interest (together,
the “Payee”), the principal sum of up to Three Hundred Thousand Dollars ($300,000) (the “Maximum Amount”)
in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made
by check or wire transfer of immediately available funds, or as otherwise determined by Maker, to such account as Payee may from time
to time designate by Notice (as defined in Section 9) to Maker in accordance with the provisions of this Note.

 

1.            Principal.
The principal balance of this Note shall be payable by Maker on the earlier of: (i) December 31, 2021 (the “Maturity Date”)
or (ii) the date on which Maker consummates an initial public offering of its securities (the “IPO”). The principal
balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director,
employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.

 

2.             Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request from the Payee or its affiliates up to the Maximum Amount for
costs reasonably related to Maker’s initial public offering of its securities (which amount shall include the $300,000 funded
to date by the Payee or its affiliates). The principal of this Note may be drawn down from time to time prior to the earlier of: (i)
December 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written request
from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down,
and must not be an amount less than Ten Thousand Dollars ($10,000), unless agreed upon by Maker and Payee. Payee shall fund each
Drawdown Request no later than five business days after receipt of a Drawdown Request; provided, however, that the maximum
amount of drawdowns collectively under this Note shall not exceed the Maximum Amount. Once an amount is drawn down under this Note,
such amount shall not be available for future Drawdown Requests, even if such amount is prepaid. No fees, payments or other amounts
shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all
payments shall be applied, first, to payment in full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys’ fees, and second, to the reduction of the unpaid principal balance
of this Note.

 

4.            Application of Payments. All payments shall be applied, first, to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, second, to the payment in full
of any late charges, and third, to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

5.            Events of Default. The following events shall constitute an event of default (“Event of Default”):

 

5.1             
Failure to Make Required Payments. The failure by Maker to pay the principal amount due pursuant to this Note within
five business days of the Maturity Date.

 

5.2            
Voluntary Bankruptcy, Etc. The: (a) commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law; (b) consent by Maker to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker for any substantial part of its property, (c) making by
Maker of any assignment for the benefit of creditors; (d) the failure of Maker generally to pay its debts as such debts become due; or
(e) taking of any corporate action by Maker in furtherance of any of the foregoing events described in Section 5.2(a) – Section
5.2(d).

 

5.3              
Involuntary Bankruptcy, Etc. The: (a)(i) entry of a decree or order for relief by a court having jurisdiction in
the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, (ii) appointment
of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or (iii) the ordering of the winding-up or liquidation of Maker’s affairs; and (b) continuance of any such decree, appointment,
or order unstayed and in effect for a period of 60 consecutive days.

 

6.            Remedies.

 

6.1              
Upon the occurrence of an Event of Default specified in Section 5.1, Payee may, by Notice to Maker, declare this
Note to be due immediately and payable by Maker, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, notwithstanding anything contained herein or in the documents evidencing the same to the contrary.

 

6.2              
Upon the occurrence of an Event of Default specified in Section 5.2 and Section 5.3, the unpaid principal
balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable
by Maker, in all cases without any action on the part of Payee.

 

7.            Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive: (a) presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note; (b) all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note; and (c) all benefits that might accrue to Maker by virtue of any present or future laws
(i) exempting any property, real or personal, or any part of the proceeds arising from any sale of any such real or personal property,
from attachment, levy or sale under execution, or (ii) providing for any stay of execution, exemption from civil process, or extension
of time for payment. Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that Maker’s liability shall be unconditional, without regard to the liability
of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted
or consented to by Payee. Maker consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by
Payee with respect to the payment or other provisions of this Note. Maker agrees that additional makers, endorsers, guarantors, or sureties
may become parties hereto without either any Notice to Maker or any bearing on Maker’s liability hereunder.

 

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9.            Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth below (or to such other address that may be designated by
the receiving party from time to time in accordance with this Section 9). Notice to the Payee shall be at 2625 Middlefield Rd #990,
Palo Alto CA 94306. Notice to the Maker shall be at 2625 Middlefield Rd #990, Palo Alto CA 94306. A Notice shall be deemed to have been
given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by facsimile or email (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third
day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid).

 

10.          Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

11.          Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12.          Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim
of any kind (each, a “Claim”) in or to any distribution of or from the trust account to be established (the “Trust
Account”), in which the proceeds of both the (a) IPO (including the deferred underwriters discounts and commissions) and (b)
sale of the warrants to be issued in a private placement to occur at the closing of the IPO are to be deposited, as described in greater
detail in the Registration Statement on Form S-1 and prospectus to be filed with the Securities and Exchange Commission in connection
with the IPO. Payee hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever.

 

13.          Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of both Maker
and Payee.

 

14.          Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto. Any attempted assignment without the required
consent shall be void.

 

15.          Entire Agreement. This Note supersedes and replaces the Promissory Note dated April 8, 2021 made by Maker in favor of Payee.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	 	By: 	/s/ Sandra Shpilberg
	 	 	Name: Sandra Shpilberg
	 	 	Title: Chief Executive Officer

 

[Signature Page to Amended and Restated Promissory
Note]Exhibit 10.4

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this “Agreement”)
is made effective as of [_____ __], 2021, by and between Sanaby Health Acquisition Corp. I, a Delaware corporation (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-[●] (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, 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 BTIG, LLC as representative (the “Representative”)
of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS, if a Business Combination (as defined herein) is
not consummated within the initial 12 month period following the closing of the Offering, upon the request of the Company’s
sponsor (the “Sponsor”), the Company may extend such period twice, by an additional three months for each
extension period, for a total of  up to 18 months, subject to the Sponsor or its affiliates or permitted designees depositing
$1,500,000 (or up to $1,725,000 if the Underwriters’ over-allotment option is exercised in full) into the Trust Account no
later than the 12 month anniversary of the Offering (the “Deadline”) for such extension (the
 “Extension”), in exchange for which the Sponsor will receive a non-interest bearing, unsecured promissory
note for such Extension payable upon consummation of a Business Combination; and

 

WHEREAS, as described in the Prospectus, $152,250,000 of the
gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $175,087,500,
if the Underwriters’ over-allotment option is exercised in full) and the proceeds from any loans in connection with an Extension
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”);

 

WHEREAS, pursuant to the Underwriting Agreement, a portion of
the Property equal to $5,250,000 (or up to $6,487,500 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 Representative 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 [●] 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 solely 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 Rule 2a-7(d)
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; 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, President, Executive Vice President, Vice President, 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 a Termination Letter in a form substantially similar to the attached hereto as Exhibit A, jointly signed 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 (less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) the date which is the later
of (1) 12 months after the closing of the Offering and (2) such later date upon an Extension effectuated pursuant to the terms hereof
and (3) 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; and 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. Other than what is provided for in Section 1(k), it is acknowledged
and agreed that there should be no reduction in the principal amount initially deposited in the Trust Account;

 

(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 (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). 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, the Trustee shall distribute on behalf of the
Company 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 ability of Public Stockholders to seek redemption in connection with an initial Business Combination
or 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 (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

 

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

 

(m) Upon receipt of an extension letter (“Extension Letter”)
substantially similar to Exhibit E hereto at least five business days prior to the Deadline, signed on behalf of the Company by
an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior to the Deadline, follow the instructions
set forth in the Extension Letter.

 

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, President, Executive Vice President, Vice
President 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. 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 the
closing of the Business Combination (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 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 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;

 

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(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;

 

(f) 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 prior to
any transfer of the funds held in the Trust Account to the Company or any other person;

 

(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 four (4) business days after the Underwriters exercise the
over-allotment option (or any unexercised portion thereof) or such over-allotment 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 $5,250,000.

 

(i) If applicable, issue a press release at least three days prior
to the Deadline announcing that, at least five days prior to the Deadline, the Company received notice from the Sponsor that the Sponsor
intends to deposit funds into the Trust Account for extending the Deadline and the Board has approved such Extension.

 

(j) Promptly following the Deadline, disclose whether or not the deadline
for the Company to consummate a Business Combination has been extended.

 

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 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;

 

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

 

(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) or 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.

 

    - 5 -

     

    

 

(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.

 

(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; provided, however, that no such
change, amendment or modification to Section 1(i), 2(f) or Exhibit A may be made without the prior written consent
of the Representative.

 

(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. 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 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. 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 to modify the substance or timing of the Company’s obligation to redeem 100% of the Common Stock
if the Company does not complete its initial Business Combination within the time frame specified in the Company’s amended and restated
certificate of incorporation. 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 electronic mail:

 

if to the Trustee, to:

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [________]

Email: [________]

 

if to the Company, to:

Sanaby Health Acquisition Corp. I

2625 Middlefield Road #990

Palo Alto, CA 94306

Attn: Sandra Shpilberg

Email: sandra@sanaby.com

 

in each case, with copies to:

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attn: Ari Edelman, Esq.

Email: aedelman@reedsmith.com

 

    - 6 -

     

    

 

and

 

BTIG, LLC

65 East 55th Street

New York, NY 10022

Email: ProspectusDelivery@btig.com

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Email: sneuhauser@egsllp.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 BTIG, LLC 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]

 

    - 7 -

     

    

 

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:
	 	 	 
	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	 	By:	 
	 	 	Name: Sandra Shpilberg
	 	 	Title: 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	 
	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	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Billed to Company following disbursement made to Company under Section 1	 	$	250	 
	Paying Agent services as required pursuant to Sections 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: [______]

 

	 	 	 
	 	Re:	Trust Account No. Termination Letter
	 	 	 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment Management Trust
Agreement between Sanaby Health Acquisition Corp. I (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 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 (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 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 the Company shall direct on the Consummation Date (including as directed to it
by the Representative (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) a certificate of the Chief Executive Officer, 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 joint 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 amounts owed to public stockholders who have properly
exercised their redemption rights and 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, (x) to the Representative in an amount equal to the Deferred Discount as directed by the
Representative and (y) the remainder 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 notice as soon thereafter as possible.

 

     

     

    

 

	 	Very truly yours,

 

	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	                    	By:	 
	                   	 	Name: Sandra Shpilberg
	 	 	Title: Chief Executive Officer

 

	
    Acknowledged and Agreed by:

 

    BTIG, LLC

	 
	
    

    By:
	 	 
	 	Name:	 
	 	Title:	 

 

     - 11 -

     

    

 

EXHIBIT B

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [______]

 

	 	 	 
	 	Re:	Trust Account No. Termination Letter
	 	 	 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment Management Trust
Agreement between Sanaby Health Acquisition Corp. I (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 (the “Business Combination”)
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(j)
of the Trust Agreement.

 

	 	 
	(1)	12 months from the closing of the Offering, or such later date upon an Extension, if any, effectuated pursuant to the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	 	By:	 
	 	 	Name: Sandra Shpilberg
	 	 	Title: Chief Executive Officer

 

	
    

    cc:
	
    

    BTIG, LLC

 

     

     

    

 

EXHIBIT C

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [______]

 

	 	Re:	Trust Account No. Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j) of the Investment Management Trust
Agreement between Sanaby Health Acquisition Corp. I (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 a segregated account held by you on behalf of
the Beneficiaries:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	 	
    

    By:
	 
	 	 	Name: Sandra Shpilberg
	 	 	Title: Chief Executive Officer

 

	cc:	 BTIG, LLC

 

     

     

    

 

EXHIBIT D

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [______]

 

	 	Re:	Trust Account No. Stockholder Redemption Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of the Investment Management Trust
Agreement between Sanaby Health Acquisition Corp. I (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 to a segregated account held by you on behalf of the Beneficiaries for distribution to the Stockholders
who have requested redemption of their Common Stock. 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 to modify the substance or timing of the Company’s obligation
to redeem 100% of 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 to a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very truly yours,
	 	 	 
	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	 	
    

    By:
	 
	 	 	Name: Sandra Shpilberg
	 	 	Title: Chief Executive Officer

 

	
    

    Cc:
	
    

    BTIG, LLC

 

     

     

    

 

EXHIBIT E

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: [______]

 

Re:Trust Account Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(m) of the Investment Management
Trust Agreement between Sanaby Health Acquisition Corp. I (“Company”) and Continental Stock Transfer & Trust Company,
dated as of [____] [__], 2021 (“Trust Agreement”), this is to advise you that the Company is extending the time available
to consummate a Business Combination for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This Extension Letter shall serve as the notice
required with respect to the Extension prior to the Deadline. Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to deposit $1,500,000 [(or up to $1,725,000 if the underwriters’ over-allotment option was exercised in
full)], which will be wired to you, into the Trust Account investments upon receipt.

 

	 	Very truly yours,
	 	 	 
	 	SANABY HEALTH ACQUISITION CORP. I
	 	 	 
	 	By:	 
	 	 	Name:	 Sandra Shpilberg
	 	 	Title: 	Chief Executive Officer

 

	cc: 	BTIG, LLC

 

     - 15 -

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