Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of October 23, 2020, by and among Eucrates Biomedical
Acquisition Corp., a British Virgin Islands company (the “Company”), Eucrates LLC (the “Investor”)
and any other holder of Registrable Securities (as defined below) which becomes a party to this Agreement pursuant to Section 6.2.

 

WHEREAS, the Investor
currently holds all of the outstanding Ordinary Shares of the Company issued prior to the consummation of the Company’s initial
public offering (the “Initial Shares”);

 

WHEREAS, the Investor
is privately purchasing up to an aggregate of 350,000 Units simultaneously with the consummation of the Company’s initial
public offering (the “Initial Private Units”), and the Investor will purchase up to an aggregate of 30,000 additional
units (together with the Initial Private Units, the “Private Units”) in the event the underwriters of
the Company’s initial public offering exercise the over-allotment option in full or in part;

 

WHEREAS, the Investor
and the Company desire to enter into this Agreement to provide the Investor with certain rights relating to the registration of
certain securities of the Company;

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                 
DEFINITIONS. The following capitalized terms used herein have the following meanings:

 

“AAA”
is defined in Section 6.11.

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means an acquisition, share exchange, share reconstruction and amalgamation, contractual control arrangement
or other similar business combination with the Company and one or more businesses or entities.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange
Act.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

     

     

    

 

“Form S-3”
is defined in Section 2.2.4.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Private Units” is defined in the preamble to this Agreement.

 

“Initial
Shares” is defined in the preamble to this Agreement.

 

“Investor”
is defined in the preamble to this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“Maximum
Number of Securities” is defined in Section 2.1.4.

 

“Notices”
is defined in Section 6.3.

 

“Ordinary
Shares” means the Ordinary Shares of the Company, no par value.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Private
Units” is defined in the preamble to this Agreement.

 

“Register,”
 “Registered” and “Registration” mean a registration effected by preparing and
filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) all of the Initial Shares, (ii) all of the Private Units, (iii) all of the Working Capital
Units, (iii) all Ordinary Shares issued or issuable upon the exercise or conversion of any Warrants included in the Private Units
or Working Capital Units, (iv) all Warrants included in the Private Units or Working Capital Units and (v) any warrants, share
capital or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in
replacement of such Initial Shares, Private Units (and underlying Ordinary Shares and Warrants) and Working Capital Units (and
underlying Ordinary Shares and Warrants). As to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration
under the Securities Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are freely
saleable under Rule 144 without volume or other restrictions or limitations.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the
Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a
registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another entity).

 

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“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

“Units”
means the units of the Company, each comprised of one ordinary share and one-third of one Warrant.

 

“Warrants”
means the warrants of the Company underlying the Units, each whole warrant to purchase one Ordinary Share.

 

“Working
Capital Units” means any Units held by the Investor, officers or directors of the Company or their affiliates which
may be issued in payment of working capital loans made to the Company.

 

2.                 
REGISTRATION RIGHTS.

 

2.1             
Demand Registration.

 

2.1.1       
Request for Registration. At any time and from time to time on or after the date that the Company consummates a Business
Combination, the holders of a majority-in-interest of such Private Units (or underlying Ordinary Shares), Working Capital Units
(or underlying Ordinary Shares) or other Registrable Securities, as the case may be, held by the Investor, officers or directors
of the Company or their affiliates, or the transferees of the Investor, may make a written demand for registration under the Securities
Act of all or part of their Private Units (or underlying Ordinary Shares), Working Capital Units (or underlying Ordinary Shares)
or other Registrable Securities, as the case may be (a “Demand Registration”). Any demand for a Demand
Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of distribution
thereof. The Company will notify, in writing, all holders of Registrable Securities of the demand within ten (10) days of the Company’s
receipt of such demand, and each holder of Registrable Securities who wishes to include all or a portion of his, her or its Registrable
Securities in the Demand Registration (each such holder including Registrable Securities in such registration, including the holder(s)
making the initial demand, a “Demanding Holder”) shall so notify the Company, in writing, within fifteen
(15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand Registration, subject to Sections 2.1.4 and 3.5 and the provisos
set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of three (3) Demand Registrations
under this Section 2.1.1 in respect of all Registrable Securities.

 

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2.1.2       
 Effective Registration. A registration will not count as a Demand Registration unless and until the Registration
Statement filed with the Commission with respect to such Demand Registration has been declared effective by the Commission and
the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however, that if, after
such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration
is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration
Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such
stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders
thereafter elect to continue the offering; provided, further, that the Company shall not be obligated to file another Registration
Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated, which termination
may be effected, following a stop order or injunction, by notice to the Company from at least a majority-in-interest of the Demanding
Holders.

 

2.1.3       
Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the
Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such
Demand Registration shall be in the form of an underwritten public offering. In such event, the right of any holder to include
its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwritten
offering and the inclusion of such holder’s Registrable Securities in such underwritten offering to the extent provided herein.
All Demanding Holders proposing to distribute their Registrable Securities through such underwritten offering shall enter into
an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest
of the holders initiating the Demand Registration.

 

2.1.4        Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten public
offering advises the Company and the Demanding Holders in writing that the dollar amount or number of Registrable Securities
that the Demanding Holders desire to sell, taken together with all other Ordinary Shares or other equity securities that the
Company desires to sell and the Ordinary Shares, if any, as to which registration has been requested pursuant to written
contractual piggy-back registration rights held by other shareholders of the Company who desire to sell, exceeds the maximum
dollar amount or maximum number of securities that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar
amount or maximum number of securities, as applicable, the “Maximum Number of Securities”), then
the Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has
been requested by the Demanding Holders (pro rata in accordance with the number of Registrable Securities that each such
holder has requested be included in such registration, regardless of the number of Registrable Securities held by each such
holder (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding
the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (i), the Ordinary Shares or other equity securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities have
not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities for the account of
other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons and
that can be sold without exceeding the Maximum Number of Securities.

 

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2.1.5       
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering
or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding
Holders may elect to withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of
their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such
Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration provided for in Section 2.1. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Demand
Registration as provided in Section 3.3.

 

2.2             
Piggy-Back Registration.

 

2.2.1       
Piggy-Back Rights. If at any time on or after the date the Company consummates a Business Combination the Company
proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account
or for shareholders of the Company for their account (or by the Company and by shareholders of the Company including, without limitation,
pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee share option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event
less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall describe the amount
and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of Registrable Securities as such holders may request in writing within five (5)
days following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters
of a proposed underwritten offering to permit the Registrable Securities requested by holders pursuant to this Section 2.2.1 to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company included in
such registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such Piggy-Back Registration.

 

2.2.2        Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities participating in such Piggy-Back registration in
writing that the dollar amount or number of Ordinary Shares that the Company desires to sell, taken together with Ordinary
Shares, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other
than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested
under this Section 2.2, and the Ordinary Shares, if any, as to which registration has been requested pursuant to the written
contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities,
then the Company shall include in any such registration:

 

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a)                 
If the registration is undertaken for the Company’s account: (A) first, the Ordinary Shares or other equity securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Ordinary Shares or other equity
securities, if any, comprised of Registrable Securities, as to which registration has been requested pursuant to the applicable
written contractual piggy-back registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum
Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the Ordinary Shares or other equity securities for the account of other persons that the Company is obligated
to register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding
the Maximum Number of Securities;

 

b)                 
If the registration is a “demand” registration undertaken at the demand of persons other than the holders of
Registrable Securities, (A) first, the Ordinary Shares or other equity securities for the account of the demanding persons that
can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Ordinary Shares or other equity securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A) and (B), collectively the Ordinary Shares or other equity securities comprised
of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold
without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold
without exceeding the Maximum Number of Securities.

 

2.2.3        Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the
effectiveness of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal
by persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time
prior to the effectiveness of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all
expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided in
Section 3.3.

 

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2.2.4       
Registrations on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in
writing that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form
registration which may be available at such time (“Form S-3”); provided, however, that the Company shall
not be obligated to effect such request through an underwritten offering. Upon receipt of such written request, the Company will
promptly give written notice of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable
thereafter, effect the registration of all or such portion of such holder’s or holders’ Registrable Securities as are
specified in such request, together with all or such portion of the Registrable Securities or other securities of the Company,
if any, of any other holder or holders joining in such request as are specified in a written request given within fifteen (15)
days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect
any such registration pursuant to this Section 2.2.4: (i) if Form S-3 is not available for such offering; or (ii) if the holders
of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of less than $500,000.
Registrations effected pursuant to this Section 2.2.4 shall not be counted as Demand Registrations effected pursuant to Section
2.1.

 

3.                 
REGISTRATION PROCEDURES.

 

3.1             
Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant
to Section 2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1       
Filing Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement
on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be
available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration Statement to become effective and use its best efforts to keep
it effective for the period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand
Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any
demand registration to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders of
Registrable Securities included in such Registration Statement a certificate signed by the President or Chairman of the Company
stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company
and its shareholders for such Registration Statement to be effected at such time; provided further, however, that the Company shall
not have the right to exercise the right set forth in the immediately preceding proviso more than once in any 365-day period in
respect of a Demand Registration hereunder.

 

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3.1.2       
 Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement
thereto, furnish without charge to the holders of Registrable Securities included in such registration, and such holders’
legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included
in such Registration Statement (including each preliminary prospectus), and such other documents as the holders of Registrable
Securities included in such registration or legal counsel for any such holders may request in order to facilitate the disposition
of the Registrable Securities owned by such holders.

 

3.1.3       
Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be reasonably
requested by the majority-in-interest of the holders with Registrable Securities registered on such Registration Statement, and
as necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all
Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the
intended method(s) of distribution set forth in such Registration Statement or such securities have been withdrawn or until such
time as the Registrable Securities cease to be Registrable Securities as defined by the Agreement.

 

3.1.4        Notification.
After the filing of any Registration Statement pursuant to this Agreement, any prospectus related thereto or any amendment or
supplement to such Registration Statement or prospectus, the Company shall promptly, and in no event more than two (2)
business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such
filing, and shall further notify such holders promptly and confirm such advice in writing in all events within two (2)
business days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii)
when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance
by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of such stop order
or to remove it if entered); (iv) any request by the Commission for any amendment or supplement to such Registration
Statement or any prospectus relating thereto or for additional information; and (v) the occurrence of an event requiring the
preparation of a supplement or amendment to such Registration Statement or prospectus so that, after such amendment is filed
or prospectus delivered to the purchasers of the securities covered by such Registration Statement, such Registration
Statement or prospectus will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein (in the case of the prospectus, in the light of the
circumstances under which they were made), not misleading, and the Company shall promptly make available to the holders of
Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing
with the Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents
incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration
Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in
advance of filing to provide such holders and legal counsel with a reasonable opportunity to review such documents and
comment thereon, and the Company shall not file any Registration Statement or prospectus or amendment or supplement thereto,
including documents incorporated by reference, to which such holders or their legal counsel shall reasonably object.

 

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3.1.5       
State Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in
the United States as the holders of Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders
of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities
in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

 

3.1.6       
Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting
agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition
of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which
are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the
holders of Registrable Securities included in such registration statement. No holder of Registrable Securities included in such
registration statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable,
with respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of
such sale with such holder’s material agreements and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

3.1.7       
Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the
principal accounting officer of the Company and all other officers and members of the management of the Company shall cooperate
fully in any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation
of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation
in meetings with Underwriters, attorneys, accountants and potential investors.

 

3.1.8       
Records. The Company shall make available for inspection by the holders of Registrable Securities included in such
Registration Statement, any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other professional retained by any holder of Registrable Securities included in such Registration Statement or any
Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees
to supply all information requested by any of them in connection with such Registration Statement.

 

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3.1.9       
 Opinions and Comfort Letters. In the case of any underwritten offering or if reasonably requested by any participant
in any other offering pursuant to a Registration Statement filed pursuant to this Agreement, the Company shall obtain opinions
of counsel representing the Company for the purposes of a registration pursuant to this Agreement, addressed to the holders participating
in such registration, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with
respect to such registration in respect of which such opinion is being given as such holders, placement agent, sales agent, or
Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably
satisfactory to a holders of a majority-in-interest of the Registrable Securities included in such registration. In the case of
any underwritten offering or if reasonably requested by any participant in any other offering pursuant to a Registration Statement
filed pursuant to this Agreement, the Company shall obtain a “cold comfort” letters from the Company’s independent
registered public accountants in the event of an underwritten public offering pursuant to this Agreement, in customary form and
covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably
request, and reasonably satisfactory to a holders of a majority-in-interest of the Registrable Securities included in such registration.
The Company shall furnish to each holder of Registrable Securities included in any Registration Statement a signed counterpart,
addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort letter
from the Company’s independent public accountants delivered to any Underwriter.

 

3.1.10   
Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and the
Securities Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve
(12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11   
Listing. The Company shall use its best efforts to cause all Registrable Securities included in any registration
to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company
are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the
holders of a majority-in-interest of the Registrable Securities included in such registration.

 

3.1.12   
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess
of $25,000,000, the Company shall use its reasonable efforts to make available senior executives of the Company to participate
in customary “road show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

 

3.2              Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3.1.4(iv) or (v), or, in the case of a resale registration on Form S-3 pursuant to Section 2.2.4 hereof, upon any
suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of
Directors, of the ability of all “insiders” covered by such program to transact in the Company’s securities
because of the existence of material non-public information, each holder of Registrable Securities included in any
registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such holder receives the supplemented or amended prospectus contemplated by
Section 3.1.4 or the restriction on the ability of “insiders” to transact in the Company’s securities is
removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other
than permanent file copies then in such holder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice.

 

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3.3             
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration
pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant
to Section 2.2.4, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether
or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii)
fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses;
(iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and employees);
(v) the fees and expenses incurred in connection with the listing of the Registrable Securities (including as required by Section
3.1.11); (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the Company and fees and
expenses for independent certified public accountants retained by the Company (including the expenses or costs associated with
the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special
experts retained by the Company in connection with such registration; and (ix) the fees and expenses of one securities counsel
and one local counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration.
The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders in proportion
to the number of Registrable Securities included in such offering for each such holder.

 

3.4             
Information. The holders of Registrable Securities shall provide such information as may reasonably be requested
by the Company, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including
amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act
pursuant to Section 2 and in connection with the Company’s obligation to comply with Federal and applicable state securities
laws.

 

4.                 
INDEMNIFICATION AND CONTRIBUTION.

 

4.1              Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable
Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents,
and each person, if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified
Party”), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or
several, arising out of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in
any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any
preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or
supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by
the Company of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company and relating to
action or inaction required of the Company in connection with any such registration; and the Company shall promptly reimburse
the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in
connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided,
however, that the Company will not be liable in any such case to the extent that any such expense, loss, claim, damage or
liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission
made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment
or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling
holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially
the same basis as that of the indemnification provided above in this Section 4.1.

 

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4.2             
Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the
event that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities
held by such selling holder, indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if
any), and each other selling holder and each other person, if any, who controls another selling holder or such Underwriter within
the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar
as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue
statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based
upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement
therein not misleading, but only if the statement or omission was made in reliance upon and in conformity with information furnished
in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and
officers, and each other selling holder or controlling person for any legal or other expenses reasonably incurred by any of them
in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification
obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by
such selling holder in such offering giving rise to such liability.

 

4.3              Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or
liability or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the
 “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other person for
indemnification hereunder, notify such other person (the “Indemnifying Party”) in writing of the
loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify
the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to
such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually, materially prejudiced
by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the
Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent
that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel
satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to
assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party
for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the
Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no
more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to
liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon advice of
counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of
which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such claim or proceeding.

 

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4.4             
Contribution.

 

4.4.1       
If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable or insufficient to any Indemnified
Party in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu
of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of
such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified
Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability
or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying
Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such
Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

 

4.4.2       
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding Section 4.4.1.

 

4.4.3        The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in
Section 4.4.1 shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by
such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by
such selling holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.

 

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5.                 
UNDERWRITING AND DISTRIBUTION.

 

5.1             
Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act
and the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to
the extent required from time to time to enable such holders to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities,
the Company shall deliver to such Holder a written certification of a duly authorized officer as to (A) whether the Company has
filed (i) all reports and other materials required to be filed pursuant to Sections 13(a) or 15(d) of the Exchange Act, as applicable,
during the preceding 12 months (or for such shorter period that the Company was required to file such reports and materials), other
than Current Reports on Form 8-K and (ii) current “Form 10 information” (within the meaning of Rule 144 under the Securities
Act) with the Commission reflecting the Company’s status as an entity that is no longer an issuer described in paragraph
(i)(1)(i) of Rule 144 under the Securities Act and (B) the first date that the Company filed “Form 10 information”
(within the meaning of Rule 144 under the Securities Act) with the Commission.

 

6.                 
MISCELLANEOUS.

 

6.1             
Other Registration Rights. The Company represents and warrants that no person, other than the holders of the Registrable
Securities, has any right to require the Company to register any of the Company’s share capital for sale or to include the
Company’s share capital in any registration filed by the Company for the sale of share capital for its own account or for
the account of any other person.

 

6.2              Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be
assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the
holders of Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the
provisions hereof shall be binding upon and shall inure to the benefit of each of the parties, to the permitted assigns of
the Investor or holder of Registrable Securities or of any assignee of the Investor or holder of Registrable Securities. This
Agreement is not intended to confer any rights or benefits on any persons that are not party hereto other than as expressly
set forth in Article 4 and this Section 6.2. Any additional holder of Registrable Securities may become party to this
Agreement by executing and delivering a joinder to the Company and the Investor in form and substance reasonably satisfactory
to the Company.

 

    14

     

    

 

6.3             
Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

To the Company:

 

Eucrates Biomedical Acquisition Corp.

250 West 55th Street, Suite 13D

New York, NY 10019

Attn: Parag Saxena, Chief Executive Officer

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attn: Daniel Forman, Esq.

 

To the Investor, to the address set forth below the Investor’s
name on Exhibit A hereto.

 

6.4             
Severability. This 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 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 Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and
enforceable.

 

6.5             
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same instrument.

 

6.6             
Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and
instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between
the parties, whether oral or written.

 

    15

     

    

 

6.7             
 Modifications and Amendments. No amendment, modification or termination of this Agreement shall be binding upon
any party unless executed in writing by such party.

 

6.8             
Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect
the construction of any provision of this Agreement.

 

6.9             
Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the
right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by
such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the
breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein
contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein
contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the
time for performance of any other obligations or acts.

 

6.10         
Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed
or performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce
its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce
any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of
the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter
available at law, in equity, by statute or otherwise.

 

6.11         
Governing Law. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts
of law that would result in the application of the substantive law of another jurisdiction. The venue for any action taken with
respect to the Agreement shall be any state or federal court in New York County in the State of New York. The Company hereby appoints,
without power of revocation, Proskauer Rose LLP, Eleven Times Square, New York, NY 10036, Fax No.: (212) 969-2900, Attn: Daniel
Forman, Esq., as their respective agent to accept and acknowledge on its behalf service of any and all process which may be served
in any arbitration, action, proceeding or counterclaim in any way relating to or arising out of this Agreement. The Company further
agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force
and effect for a period of seven years from the date of this Agreement.

 

6.12         
WAIVER OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY
IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED
WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTOR IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT HEREOF.

 

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[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

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IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Parag Saxena
	 	 	Name: Parag Saxena
	 	 	Title:   Chief Executive Officer

 

	 	INVESTOR:
	 	 
	 	EUCRATES LLC
	 	 	 
	 	By:	/s/ Parag Saxena
	 	 	Name: Parag Saxena
	 	 	Title:   Managing Member

 

	 	By: 	/s/ Stelios Papadopoulos
	 	 	Name: Stelios Papadopoulos
	 	 	Title:   Managing Member

 

[Signature Page
to Registration Rights Agreement]

 

     

     

    

 

 EXHIBIT A

 

	Name		Address
	 		 
			250
    West 55th Street, Suite 13D
	Eucrates
    LLC		New
    York, New York 10019Exhibit 10.3

 

October 23, 2020

Eucrates Biomedical Acquisition Corp.

250 West 55th Street, Suite 13D

New York, NY 10019

Parag Saxena, Chief Executive Officer

 

Stifel, Nicolaus & Company, Incorporated

1 South Street, 15th Floor

Baltimore, Maryland 21202

Attn: Syndicate

Fax No.: (443) 224-1273

 

H.C. Wainwright & Co., LLC

430 Park Avenue, 3rd Floor

New York, New York 10022

Attn: Richard Gormley, Vice Chairman and President of Capital Markets

 

		Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between Eucrates Biomedical Acquisition Corp., a British Virgin Islands Company (the “Company”),
and Stifel, Nicolaus & Company, Incorporated and H.C. Wainwright & Co., LLC as Representatives (the “Representatives”)
of the several Underwriters named in Schedule A thereto (the “Underwriters”), relating to an underwritten
initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one ordinary share, no par value, of the Company (the “Ordinary Shares”), and one-third
of one warrant (the “Warrant”), which each whole Warrant entitles the holder thereof to purchase one
Ordinary Share. Certain capitalized terms used herein are defined in paragraph 15 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as a shareholder or officer or director of the Company, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the
Company as follows:

 

1.             If the Company solicits approval of its shareholders of a Business Combination (as defined below), the undersigned will
vote all Ordinary Shares beneficially owned by him, her or it, whether acquired before, in or after the IPO, or whether such Ordinary
Shares are underlying the Private Units, in favor of such Business Combination.

 

2.             (a)               In
the event that the Company fails to consummate a Business Combination within the time period 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 undersigned
shall take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and
(ii) cause the Company to liquidate as soon as reasonably practicable.

 

     

     

    

 

(b)              
The undersigned hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in, or, with respect to his, her or its Insider Shares or Private Units, to any distribution of, the Trust Fund. The undersigned
hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with
the Company and will not seek recourse against the Trust Fund for any reason whatsoever. The undersigned acknowledges and agrees
that there will be no distribution from the Trust Fund with respect to any Warrants, which will terminate on the Company’s
liquidation.

 

(c)              
In the event of the liquidation of the Trust Fund, Eucrates LLC (“Sponsor”) agrees to indemnify
and hold harmless the Company against any and all loss, liability, claims, 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, or any claim whatsoever) which the Company may become subject as a result of any claim by any vendor or
other person who is owed money by the Company for services rendered or products sold to or contracted for the Company, or by any
target business with which the Company has discussed entering into a transaction agreement, but only to the extent necessary to
ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds in the Trust Fund to below $10.00
per IPO Share; provided that such indemnity shall not apply if such vendor or other person executes a waiver of any and
all rights to seek access to the Trust Account and except as to claims under the Company’s indemnity of the underwriters
of the IPO against certain liabilities.

 

3.              (a)              The Sponsor agrees that it shall not Transfer any Insider Shares until the earlier of (i) one year after the date
of the consummation of the Business Combination or (ii) the date on which the closing price of the Ordinary Shares equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days
within any 30-trading day period commencing after 150 days after the Business Combination, or earlier, in either case, if, subsequent
to the Business Combination, 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.

 

(b)              
The Sponsor agrees that it shall not effectuate any Transfer of securities issued or issuable upon the exercise of the Private
Units or their underlying securities until after the completion of the Business Combination.

 

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(c)               Notwithstanding
the provisions set forth in paragraphs 3(a) and (b), Transfers of the Insider Shares, securities issued or issuable upon
the exercise of the Private Units or their underlying securities, and that are held by the Sponsor, any Insider or any of
their permitted transferees (that have complied with this paragraph 3(c)), are permitted (1) to any persons (including their
affiliates and shareholders) participating in the private placement of the Private Units, officers, directors, shareholders,
employees and members of the Sponsor and its affiliates, (2) amongst initial holders or to the Company’s officers,
directors and employees, (3) if a holder is an entity, as a distribution to its, partners, shareholders or members upon its
liquidation, (4) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which
is a holder or a member of a holder’s immediate family, for estate planning purposes, (5) by virtue of the laws of
descent and distribution upon death, (6) pursuant to a qualified domestic relations order, (7) by certain pledges to secure
obligations incurred in connection with purchases of the Company’s securities, (8) by private sales at prices no
greater than the price at which the applicable securities were originally purchased, (9) in the event of the Company’s
liquidation prior to the completion of a Business Combination, (10) in the event of completion of a liquidation, merger,
capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of a
Business Combination or (11) to the Company for no value for cancellation in connection with the consummation of the Business
Combination, in each case (except for clause 11) where the transferee agrees to the terms of this letter agreement and by the
same agreements entered into by the Sponsor with respect to such securities.

 

4.             In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned directors
and officers of the Company agree to present to the Company for its consideration, prior to presentation to any other person or
entity, any suitable opportunity to acquire a target business, until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned
directors and officers might have.

 

5.             The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is
affiliated with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm or independent
accounting firm that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point
of view.

 

6.             Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled
to receive and will not accept any compensation or other cash payment for services rendered prior to, or in order to effectuate,
the consummation of the Business Combination; provided that the Company shall be allowed to (i) repay working capital loans
made by the undersigned or its affiliates to the Company in cash upon consummation of the Business Combination or, at the undersigned’s
discretion, with respect to up to an aggregate of $1,500,000 of working capital loans from all lenders, by converting such loans
into Private Units at a price of $10.00 per Private Unit, as more fully described in the Registration Statement, (ii) repay non-interest
bearing advances made to the Company by Vedanta Management to cover the IPO expenses, and (iii) reimburse the undersigned and any
affiliate of the undersigned for their out-of-pocket expenses incurred in connection with identifying, investigating and consummating
a Business Combination.

 

7.             (a)               Neither any undersigned officer or director, any member of the family of any undersigned officer or director, nor
any affiliate of any undersigned officer or director will be entitled to receive or accept a finder’s fee or any other compensation
in the event any undersigned officer or director, any member of the family of any undersigned officer or director or any affiliate
of any undersigned officer or director originates a Business Combination.

 

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(b)              
 Commencing on the effective date of the prospectus for the IPO and continuing until the earlier of (i) the consummation
by the Company of a Business Combination or (ii) the Company’s liquidation as described in the prospectus, the Sponsor shall
make available to the Company, at no charge, certain office space and administrative and support services as may be required
by the Company from time to time, situated at 250 West 55th Street, Suite 13D, New York, New York 10019 (or any
successor locations).

 

8.             The undersigned officers and directors agree to be the officers and directors of the Company until the earlier of the consummation
by the Company of a Business Combination, the liquidation of the Company or such officer or director is officially replaced by
the Company’s board of directors. The undersigned officers’ and directors’ biographical information previously
furnished to the Company and the Representatives is true and accurate in all material respects, does not omit any material information
with respect to the officers’ and directors’ biography and contains all of the information required to be disclosed
pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended (the “Securities Act”).
Each of the undersigned officers’ and directors’ FINRA Questionnaire previously furnished to the Company and the Representatives
is true and accurate in all material respects. Each of the undersigned officers and directors represents and warrants that such
person 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 such person is not currently
a defendant in any such criminal proceeding; and such person 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.

 

9.             The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into
this letter agreement and to hold the position/title in the Company indicated in the Registration Statement (if applicable).

 

10.           The undersigned hereby waives his, her or its right to exercise redemption rights (in connection with a Business Combination)
with respect to any Ordinary Shares owned or to be owned by the undersigned directly or indirectly, whether purchased prior to
the IPO, in the IPO or in the aftermarket, or whether such or whether such Ordinary Shares are underlying the Private Units, and
agrees that he, she or it will not seek redemption with respect to or otherwise sell, such shares in connection with any vote to
approve a Business Combination with respect thereto.

 

11.           The undersigned hereby agrees to not propose an amendment to the Company’s Amended and Restated Memorandum and Articles
of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business
Combination that would affect the substance or timing of the Company’s obligation to redeem 100% of the IPO Shares if the
Company does not complete a Business Combination within the time period set forth in the Amended and Restated Memorandum and Articles
of Association.

 

12.           In the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets
are insufficient to complete such liquidation, the Sponsor agrees to advance such funds necessary to complete such liquidation
and agrees not to seek repayment for such expenses.

 

    4 

     

    

 

13.            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 undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this
letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York
of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum.

 

14.           As used herein, (i) a “Business Combination” shall mean a share exchange, share reconstruction
and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or any
other similar business combination with one or more businesses or entities; (ii) “Insiders” shall mean
all officers, directors and shareholders of the Company immediately prior to the IPO; (iii) “Insider Shares”
shall mean all of the Ordinary Shares of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares”
shall mean the Ordinary Shares issued in the Company’s IPO; (v) “Private Units” shall mean (x)
the Units purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO and (y)
additional Units that may be purchased in a private placement upon the full or partial exercise of the underwriters’ over-allotment
option for the Company’s IPO; (vi) ”Registration Statement” means the registration statement
on Form S-1 filed by the Company with respect to the IPO; (vii) “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); and (viii) “Trust Fund” shall mean the trust fund into which a portion
of the net proceeds of the Company’s IPO will be deposited.

 

15.           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.

 

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

 

17.           The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO.

 

18.          
 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 the Company and each officer or director that is the subject of any such change, amendment
modification or waiver.

 

[signature page follows]

 

    5 

     

    

 

		Eucrates LLC
	 	 
	 	By: 	/s/ Parag Saxena
	 	 	Name: Parag Saxena
	 	 	Title: Managing Member
	 	 
	 	By: 	/s/ Stelios Papadopoulos     
	 	 	Name: Stelios Papadopoulos
	 	 	Title: Managing Member

 

	 	/s/ Parag Saxena
	 	Parag Saxena
	 	 
	 	/s/ Stelios Papadopoulos
	 	Stelios Papadopoulos
	 	 
	 	/s/ Evangelos Vergetis
	 	Evangelos Vergetis
	 	 
	 	/s/ Gonzalo Cordova
	 	Gonzalo Cordova
	 	 
	 	/s/ Shrikant Sathe
	 	Shrikant Sathe
	 	 
	 	/s/ Atanuu Agarrwal
	 	Atanuu Agarrwal
	 	 
	 	/s/ Daphne Karydas
	 	Daphne Karydas
	 	 
	 	/s/ Amitabh Singhal
	 	Amitabh Singhal
	 	 
	 	/s/ William Campbell
	 	William Campbell
	 	 
	 	/s/ Nina Shapiro
	 	Nina Shapiro

 

	Acknowledged and Agreed:
	EUCRATES BIOMEDICAL ACQUISITION CORP.
	 
	By:	/s/ Parag Saxena	 
	Name: Parag Saxena
	Title: Chief Executive Officer

 

[Signature Page to the Insider Letter]

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