Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of [ ], 2020 by and between Eucrates Biomedical Acquisition
Corporation (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”).

 

WHEREAS, the
Company’s registration statement on Form S-1, No. 333-249333 (“Registration Statement”) and prospectus
(the “Prospectus”) for its initial public offering of securities (“IPO”) has
been declared effective as of the date hereof (“Effective Date”) 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,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Stifel Nicolaus
 & Company, Incorporated and H.C. Wainwright & Co. acting as the representatives of the underwriters named therein
(the “Representatives”);

 

WHEREAS, simultaneously
with the IPO, Eucrates LLC (the “Sponsor”) will be purchasing an aggregate of 350,000 units (“Initial
Private Units”) from the Company for an aggregate purchase price of $3,500,000; and

 

WHEREAS, in the event
the underwriters exercise their over-allotment option in full or in part, the Sponsor will purchase up to an aggregate of an additional
30,000 units (“Over-Allotment Private Units,” together with the Initial Private Units, the “Private
Units”) for an aggregate purchase price of up to $3,000,000; and

 

WHEREAS, as described
in the Registration Statement and the Prospectus, and in accordance with the Company’s Amended and Restated Memorandum and
Articles of Association, $100,000,000 of the net proceeds of the IPO and sale of the Private Units ($115,000,000 if the underwriters'
over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account
located at all times in the United States (the “Trust Account”) for the benefit of the Company and the
holders of the Company’s ordinary shares, no par value (“Ordinary Shares”), issued in the IPO as
hereinafter provided (the amounts to be delivered to the Trustee will be 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, up to $3,500,000 (or $4,025,000 if the underwriters’ over-allotment
option is exercised in full), is attributable to deferred underwriting discounts and commissions that may become payable by the
Company to the underwriters upon the consummation of an initial business combination (as described in the Registration Statement,
a “Business Combination”) (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.

 

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 a Trust Account established by the Trustee at
JPMorgan Chase Bank, N.A. located in the United States 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;

 

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

 

(d) Collect and receive,
when due, all principal, 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 Representatives 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 following (x) receipt of, and only in accordance with, the terms of a letter from
the Company (the “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 or Chairman of the Board
and Secretary or Assistant Secretary, or other authorized officer of the Company and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and up to
$100,000 of interest that may be released to the Company to pay dissolution expenses, if applicable, it being understood that the
Trustee has no obligation to monitor or question the Company’s position that an allocation has been made for taxes payable),
only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later
of (1) 24 months after the closing of the IPO and (2) 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, provided, however, that in the
event that a Termination Letter has not been received by the Trustee by the last date set forth in the Company’s Amended
and Restated Memorandum and Articles of Association, as the same may be amended from time to time (the “Last Date”),
the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit
B hereto and the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and less up
to $100,000 of interest that may be released to the Company to pay dissolution expenses, if applicable), shall be distributed to
the Public Shareholders of record as of such date.

 

(j) Upon receipt of
an Amendment Notification Letter (defined below), distribute to Public Shareholders who exercised their redemption rights in connection
with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares for which such Public
Stockholders have exercised redemption rights in connection with such Amendment.

 

	 	2.	Limited Distributions of Income from Trust Account.

 

(a) 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 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, so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; 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 per share initially deposited in the Trust Account (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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(b) Upon written request
from the Company, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of
the Company by one of the Company’s executive officers, the Trustee shall distribute to the Company up to $100,000 of interest
income earned on the Property and requested by the Company to cover expenses directly related to the Company’s liquidation
(i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided, however, that
the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section 2(b) unless there
are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that
time. 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.

 

(c) The limited distributions
referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Sections
2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) or
1(j) hereof.

 

(d) The Company shall
provide the Representatives with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

	 	3.	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 or
Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 1(j), 2(a) and 2(b) above, 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 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 the
provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any
and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, 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 income earned from investment of the Property, except for expenses and losses resulting from the Trustee's gross negligence
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 paragraph, 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 consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee
an initial acceptance fee and an annual fee as set forth on Schedule A hereto, 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 and further agreed that
any fees owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 1(i)
solely in connection with the consummation of a Business Combination. Otherwise, fees and disbursements shall be paid by the Company
from other funds held outside the Trust Account. The Company shall pay the Trustee the initial acceptance fee and first year's
fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The Company shall not be responsible
for any other fees or charges of the Trustee except as set forth in this Section 2(c) 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 tabulating shareholder votes verifying the vote of the Company’s shareholders
regarding such Business Combination;

 

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(e) In the event that
the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees that
it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement;

 

(f) Within five business
days after the Representatives, on behalf of the underwriters in the IPO, exercise the over-allotment option (or any unexercised
portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representatives)
of the total amount of the Deferred Discount;

 

(g) If the Company
seeks to amend any provisions of its Memorandum and Articles of Association relating to shareholders' rights or pre-Business Combination
activity (including the substance and time within which the Company has to complete a Business Combination) (in each case, an “Amendment”),
the Company will provide the Trustee with a letter (an “Amendment Notification Letter”) in the form of
Exhibit E providing instructions for the distribution of funds to Public Stockholders who exercise their redemption option in connection
with such Amendment.

  

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

 

(a) Take any action
with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any
party except for liability arising out of its own gross negligence or willful misconduct;

 

(b) 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;

 

(c) Change the investment
of any Property, other than in compliance with paragraph 1(c);

 

(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 exercise of its own best judgment, except for its 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 and with reasonable care to the truth and acceptability of any information
therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person
or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party
or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g) Verify the correctness
of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or
any other action taken by it is as contemplated by the Registration Statement; and

 

(h) File local, state
and/or Federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee statements
with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the
Property.

 

(i) 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;

 

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(j) Pay any taxes on
behalf of the Trust Account (it being expressly understood that the Property, other than accrued interest to the extent otherwise
provided by this Agreement, shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the Company from
funds not held in the Trust Account or released to it under Section 2(a) hereof).

 

(k) 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.

 

(l) Verify calculations,
qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 1(j), 2(a) or 2(b) hereof.

 

5.         Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (a “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 3(b) or Section 3(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.

 

	6.	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 ninety 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 in accordance with the provisions of paragraph 1(i) hereof, and
distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with
respect to Paragraph 3(b).

 

	7.	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 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 wire.

 

(b) This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York, applicable to contracts wholly
performed within the borders of such states and without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. It may be executed in several original or facsimile counterparts, each one of
which shall constitute an original, and together shall constitute but one instrument.

 

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(c) This Agreement
contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections
1(i), 1 (j), 2(a) and 2(c) (which may not be modified, amended or deleted without the affirmative vote of at least 65% of the then
outstanding Ordinary Shares attending and voting on such amendment at the relevant meeting; provided that no such amendment will
affect any Public Shareholder who has otherwise indicated his election to redeem his, her or its Ordinary Shares in connection
with a shareholder vote sought to amend this Agreement to extend to the time he, she or its would be entitled to a return of his
pro rata amount in the Trust Account), 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 may be made without the prior written consent of the Representatives. As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee may require from Company counsel
an opinion as to the propriety of any proposed amendment.

 

(d) The parties hereto
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for
purposes of resolving any disputes hereunder. AS TO ANY CLAIMS, 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 by electronic
mail or facsimile transmission:

 

if to the Trustee, to:

Continental Stock Transfer

&Trust Company

One State Street, 30th
Floor

New York, New York 10004

Attn: Francis E. Wolf,
Jr. and Celeste Gonzalez

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

 

if to the Company, to:

Eucrates Biomedical Acquisition
Corp.

250 West 55th
Street

New York, New York 10019

Parag Saxena, Chief Executive
Officer

Email: parag@vedacap.com

 

in either case with a
copy to:

Stifel, Nicolaus &
Company, Incorporated

1 South Street, 15th
Floor

Baltimore, MD 21202

Attn: [•]

 

W.C. Wainwright &
Co.

430 Park Avenue

New York, New York 10022

Attn: [•]

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attn: Daniel L. Forman

Email: dforman@proskauer.com

 

Kirkland & Ellis
LLP

601 Lexington Avenue

New York New York 10022

Attn: Christian O. Nagler

Email: cnagler@kirkland.com

 

 

(g) Each of the Trustee
and the Company 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. Account.

 

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(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 Representatives, on behalf of the Underwriters, are each 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]

 

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IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	 
	 	 	Name:   Francis Wolf
	 	 	Title:   Vice President
	 	 	 
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: Parag Saxena
	 	 	Title: Chief Executive Officer 

 

[Signature Page to Investment Management
Trust Agreement]

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Prevailing rates	 

 

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EXHIBIT A

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

& Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Eucrates Biomedical Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ ], 2020 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement (a “Business Agreement”)
with __________________ (a “Target Business”) to consummate a business combination with Target Business
(a “Business Combination”) on or about [insert date]. The Company shall notify you at least 72
hours in advance of the actual date (or such shorter time 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 liquidate the Trust Account investments and to transfer the proceeds
to the above-referenced account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds held in
the Trust Account will be immediately available for transfer to the account or accounts that the Representatives (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 awaiting distribution, neither Representatives nor the Company will 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 substantially 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 the vote of the Company’s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from it and the Representatives
with respect to the transfer of the funds held in the Trust Account (the “Instruction Letter”), 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 counsel's letter and the Instruction Letter, (x) to the Representatives in an
amount equal to the Deferred Discount as directed by the Representatives 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 of the same and the Company shall direct you as to whether such funds should
remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds
in the Trust Account pursuant to the terms hereof, 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.

 

	 	Very truly yours,
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 	 	 
	 	By:	            

 

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EXHIBIT B

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Eucrates Biomedical Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ ], 2020 (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 prospectus relating to its IPO. 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 the Trust Account investments and to transfer the total
proceeds to the Trust Checking Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company
has selected ____________, 20__ as the date for 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 Checking 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.

 

	 	Very truly yours,
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 	 	 
	 	By:	             

 

cc: Stifel Nicolaus & Company, Incorporated;
W.C. Wainwright & Co.

 

    - 11 -

     

    

 

EXHIBIT C

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account – Tax Withdrawal

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between Eucrates Biomedical Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ ], 2020 (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. The Company needs such funds to pay for its tax obligations. 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]
	 	 	 
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 	 	 
	 	By:	          
	 	 	 
	cc:  Stifel Nicolaus & Company, Incorporated; W.C. Wainwright & Co.

 

    - 12 -

     

    

 

EXHIBIT D

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account – Dissolution Expense
Withdrawal

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
2(b) of the Investment Management Trust Agreement between Eucrates Biomedical Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ ], 2020 (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, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 2(b),
if any, the maximum amount set forth in Section 2(b). The Company needs such funds to pay its expenses relating to its liquidation.
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,	 
	EUCRATES BIOMEDICAL ACQUISITION CORP.	 
	 	 
	By:	                 	 

 

cc: Stifel Nicolaus & Company, Incorporated;
W.C. Wainwright & Co.

 

    - 13 -

     

    

 

EXHIBIT E

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account – Amendment Notification
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to
the Investment Management Trust Agreement between Eucrates Biomedical Acquisition Corp. (the “Company”)
and Continental Stock Transfer& Trust Company, dated as of [ ], 2020 (the “Trust Agreement”). Capitalized
words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Sections
1(j) and 3(g) 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 the Trust Account on [ ] and to transfer $_____ of
the proceeds of the Trust to the Trust Checking Account at JPMorgan Chase Bank, N.A. for distribution to the shareholders that
have requested redemption of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as
previously instructed.

 

	[WIRE INSTRUCTION INFORMATION]	 	 
	 	 	 
	 	Very truly yours,
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 	 
	 	By:	          

 

cc: Stifel Nicolaus & Company, Incorporated;
W.C. Wainwright & Co.

t

 

    - 14 -Exhibit 10.3

 

Eucrates Biomedical Acquisition Corp.

250 West 55th Street

New York, New York 10019

 

August 25, 2020

 

Eucrates LLC

250 West 55th Street

New York, New York 10019

 

	 	RE:	        Securities Purchase Agreement

 

Ladies and Gentlemen:

 

We are pleased to accept
the offer you (the “Subscriber”) have made to purchase an aggregate of 2,875,000 ordinary shares (the “Shares”)
of no par value per share (the “Ordinary Shares”), up to 375,000 of which Shares are subject to
complete or partial forfeiture (the “forfeiture”) by you if the underwriters of the initial public offering
(“IPO”) of Eucrates Biomedical Acquisition Corp., a British Virgin Islands company (the “Company”)
do not fully exercise their over-allotment option (the “Over-allotment Option”). The terms on which the Company
is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are
as follows:

 

1.            Purchase
of Shares. For the aggregate sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company the Shares,
for a purchase price of approximately $0.009 per Share, subject to forfeiture by the Subscriber, on the terms and subject to the
conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company is delivering
to the Subscriber certificate(s) registered in the Subscriber’s name representing the Shares, receipt of which the Subscriber
hereby acknowledges.

 

2.            Representations,
Warranties and Agreements.

 

2.1       Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.   No
Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar agency
of any other country has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2.   No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents
of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the
Subscriber is subject.

 

2.1.3.   Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of
Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

    1

     

    

 

2.1.4.   Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an
indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore
cannot be resold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
must bear the economic risk of this investment until the Shares are sold pursuant to: (x) an effective registration statement
under the Securities Act or (y) an exemption from registration available with respect to such sale. Subscriber is able to
bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5.   Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to
ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the
finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the
accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other
representations or information in making its investment decision, whether written or oral, relating to the Company, its operations
or its prospects.

 

2.1.6.   Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption to “accredited investors” or similar exemptions under
federal and state law.

 

2.1.7.   Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not
for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber
did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502
of Regulation D under the Securities Act.

 

2.1.8.   Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” as defined
in Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificate representing the Shares will
contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) an effective
registration statement under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that
if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption,
the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144
may not be available to the Subscriber for the resale of the Shares until one year following consummation of the initial business
combination of the Company, despite technical compliance with the certain requirements of Rule 144 and the release or waiver
of any contractual transfer restrictions.

 

2.1.9.  No Governmental
Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on
the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2       Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1 Organization
and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of
the British Virgin Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

    2

     

    

 

2.2.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the memorandum and articles of association of the Company,
(ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer
restrictions hereunder and under the other agreements contemplated hereby, (b) transfer restrictions under federal and state
securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

3.            Forfeiture
of Shares.

 

3.1.      Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Subscriber
shall forfeit any and all rights to up to 375,000 Shares (based upon the percentage of the Over-allotment Option not exercised)
such that immediately following such forfeiture, the Subscriber and all other initial shareholders prior to the IPO will own an
aggregate number of Ordinary Shares (not including Ordinary Shares issuable upon exercise of any warrants, any Ordinary Shares
underlying units to be issued in a private placement upon the consummation of the IPO or any shares purchased by Subscribers in
the IPO or in the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares of the Company immediately following
the IPO.

 

3.2.       Termination
of Rights as Shareholder. If any of the Shares are forfeited by the Subscriber in accordance with this Section 3, then
after such time, the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the
Company shall take such action as is appropriate to cancel such Shares which may include by way of the compulsory redemption and
cancellation of such Shares for nil consideration. In addition, the Subscriber hereby irrevocably grants the Company a limited
power of attorney for the purpose of effectuating the foregoing and agrees to take any and all action reasonably requested by the
Company necessary to effect any adjustment in this Section 3 (including any such redemption as is referred to herein above).

 

4.            Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and any
other Company securities purchased on a private placement basis, the Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions by the Company from the Trust Account (as such term is defined in the Investment
Management Trust Agreement to be entered by and between the Company and the trustee thereunder), in the event of a liquidation
of the Company upon the Company’s failure to timely complete a business combination. For purposes of clarity, in the event
any Subscriber purchases Ordinary Shares in the IPO or in the aftermarket, any additional shares so purchased shall be eligible
to receive their pro rata portion of any liquidating distributions by the Company. However, in no event will the Subscriber have
the right to redeem any Shares, or any Ordinary Shares purchased in the IPO or in the aftermarket, for funds held in the Trust
Account upon the successful completion of a business combination.

 

5.            Restrictions
on Transfer.

 

5.1.      Securities
Law Restrictions. In addition to any restrictions to be contained in the Letter Agreement (as defined in Section 5.5 below),
the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless,
prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company shall have received
an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction
is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder
and with all applicable state securities laws.

 

5.2       Restrictive
Legends. All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

    3

     

    

 

“THESE SECURITIES (i) HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
FILED UNDER THE SECURITIES ACT, (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
(IF AVAILABLE) OR (C) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO A LETTER AGREEMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
DURING THE TERM OF THE LETTER AGREEMENT, EXCEPT IN ACCORDANCE WITH THE TERMS THEREOF.”

 

5.3.       Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary
dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or
a similar transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number
and/or class of Shares subject to this Section 5 and Section 3.

 

5.4        Lock-up.
The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained
in a Letter Agreement, to be entered into prior to the date of the preliminary prospectus in connection with the IPO between the
Subscriber and the Company (the “Letter Agreement”). Pursuant to the Letter Agreement, the Subscriber shall
not sell, transfer, pledge, hypothecate or otherwise dispose of any or all of its Shares until the earlier of one year after the
date of the consummation of the Company’s initial business combination (the “Consummation Date”) and the
date on which the closing price of the Ordinary Shares exceeds $12.00 per share for any 20 trading days within a 30-trading day
period following the Consummation Date (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations).
Notwithstanding the foregoing, the aforesaid restrictions shall lapse if, subsequent to the Consummation Date, the Company consummates
a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property.

 

5.5       Registration
Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after they are registered pursuant to a Registration Rights Agreement
to be entered into with the Company prior to the closing of the IPO (“Registration Rights Agreement”). The Subscriber
is entitled to make such number of demands that the Company registers the Shares pursuant to the terms and restrictions as set
forth in the Registration Rights Agreement.

 

6.            Other
Agreements.

 

6.1.      Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2       No
Obligation as to Employment. The Company is not by reason of this Agreement obligated to employ, or continue to employ, the
Subscriber in any capacity.

 

    4

     

    

 

6.3.      Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder,
and shall be either (a) delivered by hand, (b) sent by overnight courier, or (c) sent by certified mail, return
receipt requested, postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have
been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party
set forth above, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to
the courier service, or (iii) if sent by certified mail, on the (5th) business day following the day such mailing
is made.

 

6.4.      Entire
Agreement. This Agreement, together with the Letter Agreement, substantially in the form to be filed as an exhibit to the Company’s
registration statement on Form S-1, embodies the entire agreement and understanding between the Subscriber and the Company
with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the
subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this
Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.5.      Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.6.      Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.7.      Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.8.      Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.9.      Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of the British Virgin Islands for agreements made and to be wholly performed within such country.

 

6.10.    Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.11.    No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

    5

     

    

 

6.12.     Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.13.     No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.14.    Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15.    Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

7.            Voting
and Tender of Shares. The Subscriber agrees to vote the Shares as well as any Ordinary Shares acquired in the IPO or the aftermarket
in favor of a business combination that the Company negotiates and presents for approval to the Company’s shareholders and
shall not seek redemption with respect to the Shares. Additionally, the Subscriber agrees not to tender any Share in connection
with a tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated
by the Company.

 

8.            Indemnification.
Each party shall indemnify the other and the underwriter of the IPO against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature Page Follows]

 

    6

     

    

 

If the foregoing accurately sets forth our understanding and
agreement, please sign the enclosed copy of this agreement and return it to us.

 

	 	 Very truly yours,	 
	 	 	 
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.	 

 

	 	By:	/s/ Parag Saxena	 

 

	 	Name:	Parag Saxena	 
	 	Title:	Sole Director	 

 

Accepted and agreed this

August 25, 2020

 

EUCRATES LLC  

 

	By:	/s/ Parag Saxena	 

	Name:	Parag Saxena

	Title: 	Managing Member

 

[Securities
Purchase Agreement – Signature Page]

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