Document:

Exhibit 10.1

 

December 15, 2021

 

Spree Acquisition Corp. 1 Limited

94 Yigal Alon, Building B, 31st floor,

Tel Aviv, 6789139, Israel

 

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”) to be
entered into by and between Spree Acquisition Corp. 1 Limited, a Cayman Islands exempted company (the “Company”),
and Stifel, Nicolaus & Company, Incorporated (the “Representative”), as the representative of the several
underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”) of 17,500,000 of the Company’s units (including up to 2,625,000 units that may be purchased to cover over-allotments,
if any) (the “Units”), each comprised of one Class A ordinary share of the Company, par value $0.0001 per share
(the “Class A ordinary shares”), and one-half of one warrant (each, a “Warrant”).
Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.
The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the Securities and Exchange Commission (the “Commission”) and the Company shall apply
to have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 10 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, Spree Operandi LP, a Cayman Islands exempted limited partnership and its wholly-owned
subsidiary, Spree Operandi U.S. LP, a Delaware limited partnership (collectively, the “Sponsor”), and the other
undersigned persons (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 shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it,
he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any Shares
owned by it, him or her in connection with such shareholder approval.

 

2. The Sponsor and each Insider hereby agrees that
in the event that the Company fails to consummate a Business Combination within 15 months from the closing of the Public Offering, or
during any extended time that we have to consummate a business combination beyond 15 months including (a) an additional three months to
a total of 18 months if we have filed (i) a Form 8-K including a definitive merger or acquisition agreement or (ii) a proxy statement,
registration statement or similar filing for an initial business combination but have not completed the initial business combination within
such 15-month period, (b) up to two instances of an additional three months per instance for a total of up to 18 months or 21 months,
respectively, by depositing into the trust account for each three month extension in an amount equal to $0.10 per unit or (c) for an additional
period as a result of a shareholder vote to amend our amended and restated memorandum and articles of association (in each case, an “Extension
Period”) 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 ten (10) business
days thereafter, subject to lawfully available funds therefor, redeem 100% of the Class A ordinary shares 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, including interest (which interest shall be net of taxes payable and less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all
Public Shareholders’ rights as shareholders (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 shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s
obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each
Insider agrees to not propose any amendment to the Company’s amended and restated memorandum and articles of association (a) that
would affect the ability of Public Shareholders to exercise redemption rights with respect to the Offering Shares or modify the substance
or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within 15 months from the closing of the Public Offering or during any Extension Period, or (b) with respect to any other provision relating
to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides its Public Shareholders with the
opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable), 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 (including any Class A ordinary shares issuable upon
conversion thereof) and the Private Placement Shares held by such Sponsor or Insider. The Sponsor and each Insider hereby further waives,
with respect to the Founder Shares (including any Class A ordinary shares issuable upon conversion thereof) and the Private Placement
Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business
Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination
or in the context of a tender offer made by the Company to purchase Class A ordinary shares (although the Sponsor and the Insiders 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 15 months from the closing of the Public Offering or during any Extension Period.

 

3. In the event of the liquidation of the Trust
Account, the Sponsor (which for purposes of clarification shall not extend to any other equityholders, members or managers of the Sponsor)
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, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third
party (other than the Company’s independent public accountants) for services rendered or products sold to the Company or (ii) a
prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however,
that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third
party for services rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target
do not reduce the amount of funds in the Trust Account to below (i) $10.20 per share of the Offering Shares or (ii) such lesser amount
per share of the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation
of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to
pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to
the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against
such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor 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 Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

4. To the extent that the Underwriters do not exercise
their over-allotment option to purchase up to an additional 2,625,000 Units within 45 days from the date of the Prospectus (and as further
described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal
to 656,250 multiplied by a fraction, (i) the numerator of which is 2,625,000 minus the number of Units purchased by the Underwriters upon
the exercise of their over-allotment option, and (ii) the denominator of which is 2,625,000.

 

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All references in this Letter Agreement to Founder
Shares of the Company being forfeited shall take effect as surrenders for no consideration of such Founder Shares as a matter of Cayman
Islands law. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters
so that the Founder Shares will represent 20.0% of the Company’s issued and outstanding Shares after the Public Offering (assuming
the Initial Shareholders do not purchase any units in the Public Offering, and excluding the Private Placement Shares). The Initial Shareholders
further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a capitalization
or share repurchase or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation of the Public Offering
in such amount as to maintain the ownership of the Initial Shareholders prior to the Public Offering at 20.0% of the Company’s issued
and outstanding Shares upon the consummation of the Public Offering (assuming the Initial Shareholders do not purchase any units in the
Public Offering, and excluding the Private Placement Shares). In connection with such increase or decrease in the size of the Public Offering,
then (A) the references to 2,625,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be
changed to a number equal to 15% of the number of Class A ordinary shares included in the Units issued in the Public Offering and (B)
the reference to 656,250 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares
that the Founder Shares would represent an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering
(assuming the Initial Shareholders do not purchase any Units in the Public Offering, and excluding the Private Placement Shares).

  

5. 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 Insider
of its, his or her obligations under paragraphs 1, 2, 3, 4, 6(a), 6(b) and 8 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 seek injunctive relief, in addition to any other
remedy that such party may have in law or in equity, in the event of such breach.

 

6. (a) The Sponsor and each Insider agrees that
it, he or she shall not Transfer any Founder Shares (or Class A ordinary shares issuable upon conversion thereof) held by such Sponsor
or Insider until the earlier of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent
to the Company’s initial Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds
$12.00 per share (as adjusted for share sub-divisions, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
Business Combination, or (y) the date on which the Company will consummate a liquidation, merger, amalgamation, share exchange, reorganization,
or other similar transaction after initial Business Combination that results in all of the Company’s shareholders having the right
to exchange their ordinary shares 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, including the Private Placement Shares and the Private Placement Warrants (or
Class A ordinary shares issued or issuable upon the conversion or exercise of the Private Placement Warrants),  until three months
after the completion of a Business Combination (the “Private Placement Securities Lock-up Period”, together
with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions set forth in
paragraphs 6(a) and 6(b), Transfers of the Founder Shares, Private Placement Units— including Private Placement Shares and Private
Placement Warrants contained therein— and Class A ordinary shares issued or issuable upon the exercise or conversion of the Private
Placement Warrants or the Founder Shares by the Sponsor and the Insiders during the Lock-up Periods are permitted (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor
or any affiliates of the Sponsor; (b) in the case of an individual, by gift to a member of the individual’s immediate family, or
to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the
case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the
consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased;
(f) in the event of the Company’s liquidation prior to the Company’s completion of an initial Business Combination; (g) by
virtue of the laws of the Cayman Islands or the Sponsor’s limited partnership agreement, as amended from time to time, upon dissolution
of the Sponsor; or (h) in the event of the Company’s completion of a liquidation, merger, amalgamation, share exchange, reorganization
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary
shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; provided,
however, that, except in the case of clause (f) or with the Company’s prior consent, these permitted transferees (the “Permitted
Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in
this Agreement.

 

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7. 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, if any (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 such Insider’s background. The Sponsor and each Insider’s questionnaire furnished
to the Company, if any, is true and accurate in all respects. The Sponsor and 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. 

 

8. Except as disclosed in the Prospectus, neither
the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer 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).

 

9. 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.

 

10. As used herein, (i) “Business Combination”
shall mean a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination,
involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively, the Class A ordinary
shares and the Class B ordinary shares; (iii) “Founder Shares” shall mean the 5,031,250 Class B ordinary shares,
par value $0.0001 per share, issued and outstanding immediately prior to the consummation of the Public Offering; (iv) “Initial
Shareholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Units”
shall mean the 860,000 (or up to 950,000, if the Underwriters exercise the over-allotment option in full) units, each consisting of one
Class A ordinary share (“Private Placement Share”) and one-half of a warrant to purchase a Class A ordinary
share (“Private Placement Warrant”) at a price of $11.50 per underlying Class A ordinary share, constituting,
in the aggregate, 860,000 (or up to 950,000, if the Underwriters exercise the over-allotment option in full) Private Placement Shares
and 430,000 (or up to 475,000, if the Underwriters exercise the over-allotment option in full) Private Placement Warrants, that the Sponsor
has agreed to purchase in a private placement that shall occur simultaneously with the consummation of the Public Offering, at a price
of $10.00 per Private Placement Unit, for an aggregate purchase price of $8,600,000; (vi) “Public Shareholders”
shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust
fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer”
shall mean the (a) sale or assignment 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 Securities Exchange Act
of 1934, as amended (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).

 

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11. 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 Sponsor and each Insider that is
the subject of any such change, amendment modification or waiver.

 

12. 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.

  

13. 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.

 

14. 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.

 

15. 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.

 

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

 

17. Each party hereto shall not be liable for any
breaches or misrepresentations contained in this Letter Agreement by any other party to this Letter Agreement (including, for the avoidance
of doubt, any Insider with respect to any other Insider), and no party shall be liable or responsible for the obligations of another party,
including, without limitation, indemnification obligations and notice obligations.

 

18. 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 March 31, 2022;
provided further that paragraph 3 of this Letter Agreement shall survive any such liquidation.

 

[signature page follows]

 

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	 	Sincerely, 
	 	 
	 	SPREE OPERANDI, LP
	 	 
	 	By:	Spree Operandi GP Limited, its sole General Partner
	 	 	 
	 	By: 	/s/ Shay Kronfeld
	 	 	Name:  	Shay Kronfeld
	 	 	Title: 	Director

 

	 	SPREE OPERANDI U.S. LP
	 	 
	 	By:	Spree Operandi GP Limited, its sole General Partner
	 	 	 
	 	By: 	/s/ Shay Kronfeld
	 	 	Name: 	Shay Kronfeld
	 	 	Title: 	Director

 

	 	/s/ Joachim Drees
	 	Joachim Drees

 

	 	/s/ Steven Greenfield
	 	Steven Greenfield

 

	 	/s/ Shay Kronfeld
	 	Shay Kronfeld

 

	 	/s/ Eran Plaut
	 	Eran Plaut

 

	 	David Riemenschneider
	 	David Riemenschneider

 

	 	/s/ Philipp von Hagen
	 	Philipp von Hagen

 

 

	Acknowledged and Agreed:	 
	 	 	 
	SPREE ACQUISITION CORP. 1 LIMITED	 
	 	 	 
	By:	/s/ Eran (Rani) Plaut 	 
	 	Name:  	Eran (Rani) Plaut	 
	 	Title: 	Chairman and Chief Executive Officer	 

 

[Signature Page - Letter Agreement]

 

 

6Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
“Agreement”) is made effective as of December 15, 2021, by and between Spree Acquisition Corp. 1 Limited, a
Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-261367 (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of one of the Company’s
Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-half of one warrant, each
whole warrant entitling the holder thereof to purchase one Ordinary Share (such initial public offering hereinafter referred to as the
“Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission;
and

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Stifel, Nicolaus & Company, Incorporated., as
representative (the “Representative”) of the several underwriters (the “Underwriters”) named
therein; and

 

WHEREAS, as described in the Prospectus,
$178,500,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement)
(or $205,275,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited
and held in a trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to
be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,”
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”);

  

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $7,875,000, or $9,056,250 if the Underwriters’ over-allotment option is exercised in full, is
attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently
with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1. Agreements and Covenants of Trustee.
The Trustee hereby agrees and covenants to:

 

(a) Hold the Property in trust for the
Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States at J.P.
Morgan Chase Bank, N.A.(or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more), 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 in a form substantially similar to that attached hereto as Exhibit A, either (a) invest and reinvest the Property
in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as
amended (the “Investment Company Act”), having a maturity of 185 days or less, and/or in any open ended investment company
registered under the Investment Company Act that holds itself out as a money market fund selected by the Company meeting the conditions
of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations
or (b) cause the brokerage institution referred to in 1(a) above to place the Property in a cash demand deposit account; it being understood
that unless the Company instructs the Trustee to do either of the foregoing, the Trust Account will earn no interest while account funds
are uninvested awaiting the Company’s instructions hereunder; while account funds are invested or uninvested, and the Trustee may
earn bank credits or other consideration;

 

     

     

    

 

(d) Collect and receive, when due, all
interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;

 

(e) Promptly notify the Company and the
Representative of all communications received by the Trustee with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information or
documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax
returns relating to assets held in the Trust Account or in connection with the preparation or completing of the audit of the Company’s
financial statements by the Company’s auditors;

 

(g) Participate in any plan or proceeding
for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

 

(h) Render to the Company monthly written
statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i) Commence liquidation of the Trust Account
only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, as applicable, signed on behalf of the Company by its Chief Executive Officer or Chairman of the board of directors of the Company
(the “Board”), and in the case of Exhibit A, signed by the Representative, and complete the liquidation
of the Trust Account and distribute the Property in the Trust Account, including interest (which interest shall be net of any taxes payable
and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit B, less up to
$100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein,
or (y) upon the date which is the later of (i) 15 months after the closing of the Offering or up to any Extension Period and (ii) such
later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum
and articles of association, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust
Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and
the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and less up to $100,000 of interest
to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date; provided, however,
that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if
the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of
this Section ‎1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date
the Property has been distributed to the Public Shareholders;

 

(j) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, withdraw from
the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax
obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall
be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such
payment to the relevant taxing authority, as applicable; 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. 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; 

 

    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 Shareholders of record as of such date the amount requested by the Company to be used to redeem Ordinary
Shares from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s
amended and restated memorandum and articles of association (i) that would affect the ability of holders of public Ordinary Shares to
exercise redemption rights or modify the substance or timing of the Company’s obligation to redeem 100% of its public Ordinary Shares
if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and
restated memorandum and articles of association or (ii) with respect to any other provision relating to shareholders’ rights or
pre-initial Business Combination activity; and

 

(l) Not make any withdrawals or distributions
from the Trust Account other than pursuant to Sections ‎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 by the Company’s Chief Executive Officer or Chairman of the Board. In addition, except with respect
to its duties under Sections ‎1(i), ‎1(j) and ‎1(k) hereof,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it,
in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

 

(b) Subject to Section ‎4 hereof,
hold the Trustee harmless and indemnify the Trustee from and against any and all out-of-pocket expenses, including reasonable counsel
fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any
action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in
any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the
Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after
the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this Section ‎2(b), it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage
the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld or delayed. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld 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, annual administration fee, and transaction processing fee
which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be
used to pay such fees unless and until it is distributed to the Company pursuant to Sections ‎1(i) through ‎1(k) hereof.
The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering.
The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section ‎2(c), Schedule
A and as may be provided in Section ‎2(b) hereof;

 

(d) In connection with any vote of the
Company’s shareholders regarding a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar
business combination involving the Company and one or more businesses (a “Business Combination”), provide to
the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders
regarding such Business Combination;

 

    3

     

    

 

(e) Provide the Representative with a copy
of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from
the Trust Account promptly after it issues the same;

 

(f) Unless otherwise agreed between
the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a
Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or accounts
directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to the Company
or any other person;

 

(g) Instruct the Trustee to make only those
distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not
permitted under this Agreement; and

  

(h) Within four (4) business days after
the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide
the Trustee with a notice in writing of the total amount of the Deferred Discount.

 

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

 

(a) Imply obligations, perform duties,
inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set
forth herein;

 

(b) Take any action with respect to the
Property, other than as directed in Section ‎1 hereof, and the Trustee shall have no liability to any
third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c) Institute any proceeding for the collection
of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced
or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

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

 

(e) Assume that the authority of any person
designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless
the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The other parties hereto or to anyone
else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s
best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall
be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee,
which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or
persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and,
if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

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

 

(h) Provide any assurance that any Business
Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

 

    4

     

    

 

(i) File information returns with respect
to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting
the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j) Prepare, execute and file tax reports,
income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account,
regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, income tax obligations,
except pursuant to Section ‎1(j) hereof; or

 

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

 

4. Trust Account Waiver. The Trustee has
no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the
Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future.
In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section ‎2(b) or Section ‎2(c) hereof,
the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or
any monies in the Trust Account.

 

5. Termination. This Agreement shall terminate
as follows:

 

(a) If the Trustee gives written notice
to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee,
pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee
that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements
relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event
that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District
Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b) At such time that the Trustee has completed
the liquidation of the Trust Account and its obligations in accordance with the provisions of Section ‎1(i) hereof
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect
to Section ‎2(b); 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 Spree
Operandi U.S. LP for purposes of funding the Trust Account shall be promptly returned to the Company or Spree Operandi U.S. LP, as applicable.

 

    5

     

    

 

6. Miscellaneous.

 

(a) The Company and the Trustee each acknowledge
that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Company
and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each
party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential
information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied
to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s
bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct,
the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the
funds.

 

(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.

 

(c) This Agreement contains the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections ‎1(i), ‎1(j)
and ‎1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty
five percent (65%) of the then outstanding Ordinary Shares and Class A ordinary shares, par value $0.0001 per share, of the Company voting
together as a single class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated
his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement),
this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

(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, by electronic mail or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf & Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Spree Acquisition Corp. 1 Limited

94 Yigal Alon, Building B, 31st floor,94

Tel Aviv, 6789139, Israel

Attn: Shay Kronfeld, CFO

Email:  sk@pureplay.co

 

in each case, with copies to:

 

Meitar Law Offices

16 Abba Hillel Road

Ramat Gan, Israel 5251608

Attn: J. David Chertok

Email: dchertok@meitar.com 

and

 

Stifel, Nicolaus & Company, Incorporated

501 North Broadway 1 Financial Plaza

Saint Louis, MO 63102 

Attn.: Greg Urban

Email: urbang@stifel.com

 

    6

     

    

 

(g) Each of the Company and the Trustee
hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust
Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

 

(h) This Agreement is the joint product
of the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such
parties and shall not be construed for or against any party hereto.

 

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

 

(j) Each of the Company and the Trustee
hereby acknowledges and agrees that the Representative, on behalf of the Underwriters, are a third party beneficiary of this Agreement.

 

(k) Except as specified herein, no party
to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity without the written consent
of the other party.

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: 	Francis Wolf
	 	 	Title: 	Vice President
	 	 	 	 
	 	SPREE ACQUISITION CORP. 1 LIMITED
	 	 
	 	By:	/s/ Eran Plaut
	 	 	Name: 	Eran Plaut
	 	 	Title: 	CEO

 

    8

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf & 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 Spree Acquisition Corp. 1 Limited (the “Company”) and Continental Stock Transfer
& Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [●] (the “Target Business”)
to consummate a business combination with Target Business (the “Business Combination”) on or about [        
]. The Company shall notify you at least seventy-two (72) hours in advance (or such shorter time as you may agree) of the actual date
of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into a segregated
account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account
will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including
as directed to it by the Representative 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 operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company
will earn no interest or dividends.

 

On the Consummation Date (i) counsel for the Company
shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially, concurrently
with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company
shall deliver to you (a) a certificate of the Chief Executive Officer or Chief Financial Officer of the Company, which verifies that the
Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint written instruction
signed by the Company and Stifel, Nicolaus & Company, Incorporated, with respect to the transfer of the funds held in the Trust Account,
including payment of amounts owed to public shareholders who have properly exercised their redemption rights and payment of the Deferred
Discount directly to the account or accounts directed by 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 in writing of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, your obligations under the Trust Agreement shall be terminated.

 

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

 

	 	
    Very truly yours,

     

    Spree Acquisition Corp. 1 Limited

	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

Agreed and acknowledged by:

 

Stifel, Nicolaus & Company, Incorporated

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    9

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf & 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 Spree Acquisition Corp. 1 Limited (the “Company”) and Continental Stock Transfer
& Trust Company (the “Trustee”), dated as of December 15, 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Business within the time frame specified
in the Company’s amended and restated memorandum and articles of association, as described in the Company’s Prospectus relating
to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into a segregated account
held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders. The Company has selected [●] as the
effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the amended and restated memorandum
and articles of association of the Company. Upon the distribution of all the funds, 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,

     

    Spree Acquisition Corp. 1 Limited 

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Stifel, Nicolaus & Company, Incorporated

 

    10

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf & Celeste Gonzalez

 

Re: Trust Account Tax Payment Instruction

 

Dear Mr. Wolf and Ms. Gonzalez

 

Pursuant to Section ‎1(j) of the Investment
Management Trust Agreement between Spree Acquisition Corp. 1 Limited (the “Company”) and Continental Stock Transfer
& Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $[●] of the interest income earned on the Property as of the date hereof.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds [to pay for the tax
obligations as set forth on the attached tax return or tax statement]. In accordance with the terms of the Trust Agreement, you are hereby
directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	
    Very truly yours,

     

    Spree Acquisition Corp. 1 Limited

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Stifel, Nicolaus & Company, Incorporated

 

    11

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf & Celeste Gonzalez

 

Re: Trust Account  Shareholder Redemption Withdrawal
Instruction

 

Dear Mr. Wolf and Ms. Gonzalez

 

Pursuant to Section ‎1(k) of the Investment
Management Trust Agreement between Spree Acquisition Corp. 1 Limited (the “Company”) and Continental Stock Transfer
& Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Shareholders of the Company $[●] of the principal and interest
income earned on the Property as of the date hereof into a segregated account held by you on behalf of the Beneficiaries for distribution
to the Shareholders who have requested redemption of their Ordinary Shares. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public Shareholders
who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to approve an amendment
to the provisions of the Company’s amended and restated memorandum and articles of association (i) that would affect the substance
or timing of the Company’s obligation to redeem 100% of its public Ordinary Shares if the Company does not complete its initial
Business Combination within the required time period or (ii) with respect to any other provision relating to shareholders’ rights
or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds
promptly upon your receipt of this letter.

 

	 	
    Very truly yours,

     

    Spree Acquisition Corp. 1 Limited 

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Stifel, Nicolaus & Company, Incorporated

 

 

12

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