Document:

EX-10.2

 Exhibit 10.2 

[________], 2022 
 Zi Toprun Acquisition Corp. 

16800 Aston Street, Suite 275 
 Irvine, CA 92606 

 

			
	 Re:  Initial Public Offering

 Ladies and Gentlemen: 
 This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among Zi Toprun Acquisition Corp., a Delaware
corporation (the “Company”), and EF Hutton, division of Benchmark Investments, LLC, as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of 11,000,000 of the Company’s units (including up to 1,625,000 units that may
be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s common stock, par value $0.00001 per share (the “Common Stock”), and one redeemable
warrant. Each warrant (each, a “Warrant”) entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a
registration statement on Form S-1 (File No. 333-_________) and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities
and Exchange Commission (the “Commission”) and the Company has applied to have the Units listed on The Nasdaq Global Market. Certain capitalized terms used herein are defined in paragraph 11 hereof. 

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

1. The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her
in connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider agrees that it, he or she will not seek to sell its, his or her shares of
Capital Stock to the Company in connection with such tender offer. The Sponsor and each Insider agrees further that if the Company seeks stockholder approval of any proposed amendment to the Charter (as defined below) prior to the consummation of a
Business Combination, including, without limitation, any vote to approve an amendment to the Charter to modify (i) the substance or timing of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination
or (ii) (A) the Company’s obligation to redeem 100% of the Offering Shares (as defined below) if the Company does not complete a Business Combination within the time period set forth in the Charter or (B) any other provisions relating
to stockholders’ rights or pre-initial Business Combination activity, it, he or she shall not redeem any shares of Capital Stock owned by it, him or her in connection with such shareholder approval. 

{N0382192 2 } 

 2. The Sponsor and each Insider hereby agrees that in the event that the Company fails to
consummate a Business Combination within 12 months from the closing of the Public Offering (up to 18 months from the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination, as described in more
detail in the Prospectus), or such later period as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation (the “Charter”), the Sponsor and
each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully
available funds therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay
dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if
any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate,
subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Charter to modify
(i) the substance or timing of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination or (ii) (A) the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
complete a Business Combination within such time set forth in the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company
provides its Public Stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering Shares. The Sponsor and each Insider
acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held
by it, him or her. 
 The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by it, him or her, if any, whether
acquired now or hereafter, any redemption rights it, he or she may have, including, without limitation, any such rights available in the context of a stockholder vote or tender offer to approve such Business Combination or a stockholder vote to
approve an amendment to the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth in the Charter or
any other provisions relating to material stockholders’ rights or pre-initial Business Combination activity or in the context of a tender offer made by the Company to purchase shares of Common Stock
(although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time
period set forth in the Charter). 
 3. Notwithstanding the provisions of paragraphs 7(a) and (b) below, during the period commencing
on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Capital Stock, Warrants or
any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any Units, shares of Capital Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the
effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service at least two business days
before the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if the release or waiver is
effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of
the transfer. 
 {N0382192 2 } 

 4. In the event of the liquidation of the Trust Account upon the failure of the Company to
consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened) to which the Company may become subject as
a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has discussed a potential Business Combination with the Company (a
“Target”); provided, however, that such indemnification of the Company by the Indemnitor shall (x) apply only to the extent necessary to ensure that such claims by a third party or a Target do not reduce the amount of
funds in the Trust Account to below the lesser of (i) $10.20 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.20 per Offering
Share is then held in the Trust Account due to reductions in the value of the trust assets, less interest earned on the Trust Account which may be withdrawn to pay taxes, (y) not apply to any claims by a third party or a Target which executed a
waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice
of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. 
 5. To the extent
that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,650,000 Units in full within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at
no cost, a number of Founder Shares in the aggregate equal to 412,500 multiplied by a fraction, (i) the numerator of which is 1,650,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option,
and (ii) the denominator of which is 1,650,000. The Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and
outstanding shares of Capital Stock after the Public Offering (not including the Representative Shares, Private Placement Shares and assuming the Initial Stockholders do not purchase any shares in the Offering). 

6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9, as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach
and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. (a) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares until the earlier of (A) one year
after the consummation of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) the date on which the closing price of the Company’s shares of common stock equals or exceeds $12.00 per
share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the
Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the
right to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares Lock-up Period”). 

(b) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Units (or any securities underlying the
Private Placement Units, including the shares of Common Stock and Private Placement Warrants (as defined below) included in the Private Placement Units and the shares of Common Stock issued or issuable upon the exercise of the Private Placement
Warrants), until 30 days after the completion of a Business Combination (the “Private Placement Units Lock-up Period”, together with the Founder Shares
Lock-up Period, the “Lock-up Periods”). 
 {N0382192
2 } 

 (c) Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the
Founder Shares, Private Placement Warrants, and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants and that are held by the Sponsor, any Insider or any of their permitted transferees (that
have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members, officers, directors, consultants or
affiliates of the Sponsor or any of their affiliates or family members or to any employee of any such affiliate; (b) in the case of an individual, by gift to a member of such individual’s family or to a trust, the beneficiary of which is a
member of such individual’s immediate family, an affiliate of such individual or to a charitable organization, or to relatives and trusts for estate planning purposes; (c) in the case of an individual, by virtue of laws of descent and
distribution upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) in connection with the consummation of a business combination at prices no greater than the price at which
the shares were originally purchased, (f) to the Company for no value for cancellation in connection with the consummation of our Initial Business Combination; (g) in the event of the Company’s liquidation prior to the completion of
an initial Business Combination; (h) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement, as amended, or other organizational documents, upon dissolution of the Sponsor; or
(i) subsequent to the completion of the Company’s initial Business Combination, in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results in all
of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property; provided, however, that, unless otherwise consented to by the Company in writing, in the case of clauses
(a) through (e) and (h), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions
relating to voting, the Trust Account and liquidating distributions). 
 8. The Sponsor and each Insider represents and warrants that it, he
or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical
information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each Insider’s
questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any
such criminal proceeding. 
 9. Except as disclosed in the Prospectus, neither the Sponsor nor any officer, director, advisor or any
affiliate of the Sponsor, officer, director or advisor of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

10. The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as
an officer and/or director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or director of the Company. 

11. As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder
Shares” shall mean (a) the 3,162,500 shares of the Company’s shares of common stock, par value $0.00001 per share, initially issued to the Sponsor (up to 412,500 Shares of which are subject to complete or partial forfeiture by
the Sponsor if the over-allotment option is not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.0079 per share, prior to the consummation of the Public Offering; (iv) “Initial Stockholders”
shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the warrants to purchase up to 450,000 shares of Common Stock of the Company (or 499,500 shares of Common Stock if
the over-allotment option is exercised in full) underlying the units (“Private Placement Units”) that the Sponsor has agreed to purchase for an aggregate purchase price of $4,500,000 (or $4,995,000 if the over-allotment
option is exercised in full), or $10.00 per unit, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Private Placement Shares” shall mean the 450,000 shares of Common
Stock of the Company (or up to 499,500 shares of Common Stock if the over-allotment option is exercised in full) underlying the Private Placement Units that the Sponsor has agreed to purchase for an aggregate purchase price of $4,500,000 (or
$4,995,000 if the over-allotment option is exercised in full), or $10.00 per unit, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vii) “Public Stockholders” shall mean
the holders of securities issued in the Public Offering; (vii) “Representative Shares” shall mean the 126,500 shares of Common Stock of the Company issuable to the Representative pursuant to the Underwriting Agreement
(including up to 16,500 shares of Common Stock which are subject to complete or partial forfeiture by the Representative if the over-allotment option is not exercised by the Underwriters); (viii) “Trust Account” shall mean
the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (ix) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant
of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the
meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified
in clause (a) or (b). 
 {N0382192 2 } 

 12. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

13. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. 

14. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be
binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees. 
 15. Nothing in this
Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or
agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns
and permitted transferees. 
 16. This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

17. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

18. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way
to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 {N0382192 2 } 

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

20. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up
Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by June 30, 2022; provided further that the last
paragraph of Section 2 and Section 4 of this Letter Agreement shall survive such liquidation. 
 21. The Company, the Sponsor and
each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third party beneficiary of this Letter Agreement and shall be entitled to enforce any provision of this Letter Agreement. 

[Signature Page Follows] 

{N0382192 2 } 

 Sincerely, 
  

			
	 TOPRUN SMART MANAGEMENT, LLC

		
	 By:
	 	 
	 Name:
	 	 Yaojun Liu

	 Title:
	 	 Authorized Member

 INSIDERS: 
  

			
		
	By:	 	 
	Name:	 	Yaojun Liu
		
	By:	 	 
	Name:	 	Yatao Pang
		
	By:	 	 
	Name:	 	Tao Huang
		
	By:	 	 
	Name:	 	Richard Yu Chen
		
	By:	 	 
	Name:	 	Shan Cui
		
	By:	 	 
	Name:	 	Haiqing Lin
		
	By:	 	 
	Name:	 	 Xiaochuan Duan

 Acknowledged and Agreed: 
  

			
	ZI TOPRUN ACQUISITION CORP.
		
	By:	 	 
	Name:	 	Yaojun Liu
	Title:	 	Chief Executive Officer

 [Signature Page to Letter Agreement] 

{N0382192 2 }EX-10.3

 Exhibit 10.3 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (the “Agreement”) is made as of ___________________, 2022, by and between Zi Toprun
Acquisition Corp., a Delaware Corporation (the “Company”) and Continental Stock Transfer & Trust Company, a New York corporation, as trustee (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 (“IPO”) of the Company’s units (the
“Units”), each of which consists of one share of the Company’s common stock, par value $0.00001 per share (the “Common Stock”), and one redeemable warrant, each warrant entitling the holder thereof to purchase one share of
Common Stock, 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 EF Hutton, division of Benchmark Investments, LLC (the “Representative”) which is acting as the representative of the underwriters (the “Underwriters”) in the IPO; and 

WHEREAS, as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of
Incorporation (the “Certificate of Incorporation”), $112,200,000 of the gross proceeds of the IPO and a private placement taking place simultaneously therewith ($129,030,000 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 Common
Stock, included in the Units issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee (and any interest subsequently earned thereon) will be referred to herein as the “Property”; the stockholders for whose
benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $3,300,000, or $3,795,000 if the Underwriters’
over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to EF Hutton, a division of Benchmark Investments, LLC (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 a segregated trust account (the “Trust Account”) established by the Trustee at JP Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of
$100 billion or more) in the United States, maintained by Trustee, 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 (i) in United States government treasury
bills, notes or bonds having a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended,
and that invest solely in U.S. government treasury obligations, as determined by the Company, and 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 while account funds are invested or uninvested, the Trustee may earn
bank credits or other consideration; 
 {N0382052 2 } 

  
 1 

 (d) Collect and receive, when due, all interest and 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 in connection with the Company’s preparation of its tax returns relating to assets held in the Trust Account; 

(g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when
instructed by the Company to do so; 
 (h) Render to the Company monthly written statements of the activities of, and amounts in, the Trust
Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Commence liquidation of the Trust Account only after and
promptly after 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, Chairman (or Co-Chairman) of the Board of Directors (the “Board”), Secretary or other authorized
officer of the Company and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and
distribute the Property in the Trust Account, including interest not previously released to the Company to pay its taxes only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in
the event that a Termination Letter has not been received by the Trustee by the date which is later than the (i) the 12 month anniversary (or up to the 18 months anniversary, if approved by the Company’s Board of Directors) of the closing
of the IPO (“Initial Business Combination Period”) or (ii) such later date as may be approved (prior to the expiration of the Initial Business Combination Period) by the Company’s stockholders in accordance with the
Company’s amended and restated certificate of incorporation, as the same may be amended from time to time (the “Extension Period”), 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 earned on the funds held in the Trust Account (net of amounts withdrawn in accordance with this Agreement and less up to $100,000 of interest that
may be released to the Company to pay dissolution expenses) and distributed to the Public Stockholders of record as of such date. 
 (j)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and
distribute to the Company the amount of interest earned on the 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 per share 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; 

{N0382052 2 } 

  
 2 

 (k) Upon written request from the Company, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Public Stockholders 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 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
Section 1(i) of the Agreement. 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; 
 (l) In connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any
other person, disburse the per share amount to redeeming Public Stockholders (other than shares tendered through the Depository Trust Company) that have tendered their shares directly to the Trustee; 

(m) [reserved] ;
 (n) Promptly
acknowledge, in writing to any redeeming Public Stockholder and the Company, any irrevocable instruction letter in the form of Exhibit D delivered by such redeeming Public Stockholder after the announcement by the Company of the consummation
of proposed Business Combination and promptly comply with any irrevocable written instruction letter in the form of Exhibit D delivered by such Public Stockholder in connection with the disbursement of funds to such Public Stockholder if the
Company has not notified the Trustee in writing during the Objection Period that such irrevocable written instruction letter is not in compliance with the requirements set forth in this Agreement for redemption of a Public Stockholders shares of
Common Stock ; and
 (o) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i),
1(j) or 1(k) above. 
 2. Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

(a) Give all instructions to the Trustee hereunder in writing, signed on behalf of the Company by the Company’s Chairman of the Board,
Chief Executive Officer, Chief Financial Officer, Vice President or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k) 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 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 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 losses 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 interest earned from investment of 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”); provided, however, that the Trustee’s failure to provide such notice shall
not relieve the Company of its liability hereunder, except to the extent that it is materially prejudiced by such failure. 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 or delayed. The Company may participate in such action with its own counsel; 
 (c) Pay the
Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, an annual administration fee and a 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 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 Sections 1(i) through 1(k) solely in
connection with the consummation of the Company’s initial acquisition, share exchange, share reconstruction and amalgamation, purchase of all or substantially all of the assets of, or any other similar business combination with one or more
businesses or entities (a “Business Combination”), or pursuant to Section 2(b). 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; 
 {N0382052 2 } 

  
 3 

 (d) In connection with any vote of the Company’s stockholders regarding a Business
Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s stockholders regarding such Business
Combination; 
 (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; and 

(f) Within four (4) business days after the Representative exercises the over-allotment option (or any unexercised portion thereof) or
such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $3,300,000. 

3. 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 Section 1 hereof, and the Trustee shall have no liability to
any party except for liability arising out of Trustee’s own gross negligence, fraud 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 Section 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 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 is
believed by the Trustee, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior
written consent thereto; 
 (g) Verify the accuracy of the information 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; 
 (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; 

{N0382052 2 } 

  
 4 

 (i) 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 any interest income earned on the Property; 

(j) Prepare and execute and file tax reports, income or other tax returns, and pay any taxes on behalf of the Trust Account (it being
expressly understood that the Property 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 1(j) 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; and 
 (l) Verify calculations, qualify or otherwise approve Company requests for
distributions pursuant to Sections 1(i), 1(j) or 1(k) above. 
 4. Trust Account Waiver. The Trustee has no right of
set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 
 5. Termination. This
Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this
Agreement, the Company shall use its reasonable efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been
appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and
statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within 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; 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with
the provisions of Section 1(i) hereof (which Section may not be amended under any circumstances), and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to
Section 2(b); or 
 (c) If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which
case any funds received by the Trustee from the Company or the purchasers of private warrants of the Company, as applicable, shall be returned promptly following the receipt by the Trustee of written instructions from the Company. 

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 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. 
 {N0382052 2 } 

  
 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. Except for Section 1(i), 1(j) or 1(k) (which sections may not be modified, amended or deleted without the
affirmative vote of a majority of the then outstanding shares of Common Stock, par value $0.00001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Stockholder who has otherwise
validly indicated his, her or its election to redeem his, her or its shares of Common Stock in connection with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other
than to correct a typographical error) by a writing signed by each of the parties hereto. 
 (d) The parties hereto consent to the
jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY
WAIVES THE RIGHT TO TRIAL BY JURY. 
 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of
this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, electronic mail or by facsimile transmission: 

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 

New York, New York 10004 
 Attn:
Francis Wolf and Celeste Gonzalez 
 Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

if to the Company, to: 
 Zi
Toprun Acquisition Corp.
 16800 Aston St, Ste 275 

Irvine, California 92606 
 Attn:
Yaojun Liu, Chief Executive Officer 
 Email: larryliu36@gmail.com 

in each case with a copy (which copy shall not constitute notice) to: 

Becker & Poliakoff LLP 

45 Broadway, 17th Floor 
 New
York, New York 10006 
 Attn: Jie Chengying Xiu, Esq. 

Facsimile: (212) 557-0295 

Email: jxiu@beckerlawyers.com 

and, in each case, with copies to: 

EF Hutton, division of Benchmark Investments, LLC 

590 Madison Avenue, 39th Floor 

New York, NY 10022 
 Attn: Legal
Department 
 Email: 
 {N0382052 2 } 

  
 6 

 and 

Graubard Miller 
 The Chrysler
Building 
 405 Lexington Avenue, 11th Floor 

New York, NY 10174 
 Attn: David
Alan Miller, Esq.; Jeffrey M. Gallant, Esq.
 Email: dmiller@graubard.com; jgallant@graubard.com

Fax: (212) 818-8881

(f) This Agreement may not be assigned by either party without the written consent of the other party. 

(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. 
 (h)
Each of the Company and the Trustee hereby acknowledge that the Representative is a third party beneficiary of this Agreement. 
 (i) 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. 

(j) 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. 

[Signature page follows] 
 {N0382052 2 } 

  
 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:	 	Francis Wolf
	Title:	 	Vice President
	
	ZI TOPRUN ACQUISITON CORP., as the Company

 
			
		
	By:	 	 

 
			
	Name:	 	Yaojun Liu
	Title:	 	Chief Executive Officer

 [Signature Page to Investment Management Trust Agreement] 

{N0382052 2 } 

  
 8 

 SCHEDULE A 
  

					
	 Fee Item
	  	 Time and method of payment
	  	 Amount

	Initial acceptance fee	  	Initial closing of IPO by wire transfer	  	$3,500.00
	Trustee annual administration 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	  	$10,000.00
			
	Transaction processing fee for disbursements to Company under Section 2	  	Billed to Company following disbursement made to Company under Section 2	  	$250.00
			
	Paying Agent services as required pursuant to Section 1	  	Billed to Company upon delivery of service pursuant to Section 1	  	Prevailing rates

 {N0382052 2} 

  
 9 

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, N.Y. 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account—Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Zi Toprun Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of [*], 2022 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement with [___________] (“Target Business”) to
consummate a business combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 72 hours in advance of the actual date of the consummation of the Business Combination
(“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account,
and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Operating Account at J.P. Morgan Chase Bank, N.A. will be immediately
available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters (with respect to the Deferred Discount). It is acknowledged and
agreed that while the funds are on deposit in the trust 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 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 by the Chief
Executive Officer, Chief Financial Officer or Chairman, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held, and (b) joint written instructions 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, 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 be distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, net of any payments necessary
for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated. 

In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not
notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c)
of the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice as soon as thereafter as possible. 

{N0382052 2 } 

  
 10 

 
			
	Very truly yours,
	
	Zi Toprun Acquisition Corp.

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	Secretary/Assistant Secretary

  

			
	Acknowledged and Agreed:
	
	EF Hutton, division of Benchmark Investments, LLC

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

 {N0382052 2 } 

  
 11 

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, N.Y. 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account—Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Zi Toprun Acquisition Corp. (the “Company”) and
Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ *], 2022 (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 Certificate of Incorporation, 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
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 [____ __, 202_ ] 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, and agree to distribute
said funds directly to the 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 in the Trust Account, net of any
payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

  

			
	Very truly yours,
	
	Zi Toprun Acquisition Corp.

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 cc: EF Hutton, division of Benchmark Investments, LLC 

{N0382052 2 } 

  
 12 

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, N.Y. 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account – Withdrawal Instructions  

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Zi Toprun Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of [ *], 2022 (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 its tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
upon your receipt of this letter to the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 

 

			
	 Zi Toprun Acquisition
Corp.

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

 cc: EF Hutton, division of Benchmark Investments, LLC 

{N0382052 2 } 

  
 13 

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, N.Y. 10004 
 Attn: Francis Wolf and Celeste Gonzalez

 Re: Trust Account – Stockholder Redemption Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 
 Pursuant to
Section 1(k) of the Investment Management Trust Agreement between Zi Toprun Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [*], 2022 (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 Public Stockholders who have requested redemption of their shares of Common Stock. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust
Agreement. 
 The Company needs such funds to pay 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 Section 1(i) of the Trust Agreement. 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,

	
	ZI TOPRUN ACQUISITION CORP.

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

 cc: EF Hutton, division of Benchmark Investments, LLC 

{N0382052 2 } 

  
 14

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