Document:

Exhibit 10.1

 

November 3, 2021

 

Semper Paratus Acquisition Corporation

767 Third Avenue, 38th Floor

New York, New York 10017

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”) is
being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and Cantor Fitzgerald & Co. (“Cantor”), as representative (the “Representative”)
of the underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”) of 34,500,000 of the Company’s units (including 4,500,000 units that may be purchased pursuant to the Underwriters’
option to purchase additional units to cover over-allotments, if any) (the “Units”), each comprised of one share
of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”),
and one-half of one redeemable warrant. Each whole Warrant (each, a “Warrant”) entitles the holder thereof to
purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant
to a Registration Statement on Form S-1 and a related prospectus (the “Prospectus”) filed by the Company
with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined
in paragraph 1 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, Semper Paratus Sponsor LLC (the “Sponsor”), and each of the undersigned individuals
or entities (each, an “Insider” and, collectively, the “Insiders”), hereby agree with
the Company, severally and not jointly, as follows:

 

		1.	Definitions. As used herein, (i) “Business Combination” shall mean a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses; (ii) “Founder
Shares” shall mean the 11,989,333 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding
prior to the consummation of the Public Offering (up to 1,530,000 of which are subject to complete or partial forfeiture if the Underwriters’
over-allotment option is not exercised in full); (iii) “Private Units” shall mean the 1,360,000 placement
units (or 1,450,000 placement units if the underwriters exercise their over-allotment option in full), at a price of $10.00 per unit ($13,600,000
or $14,500,000 if the underwriters exercise their over-allotment option in full, in the aggregate), in a private placement that shall
close simultaneously with the consummation of the Public Offering; (iv) “Public Shareholders” shall mean
the holders of Class A Ordinary Shares included in the Units issued in the Public Offering; (v) “Public Shares”
shall mean the Class A Ordinary Shares included in the Units issued in the Public Offering; (vi) “Trust Account”
shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Units shall be
deposited; (vii) “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, 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) “Charter” shall mean the Company’s Amended and Restated Memorandum and
Articles of Association, as the same may be amended from time to time.

 

     

     

    

 

 2. Representations and Warranties.

 

(a) (i) The
Sponsor and each Insider, with respect to itself, represent and warrant to the Company that it has the 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 (ii) each Insider, with respect to itself, (1) represents and
warrants to the Company that it has the 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 serve as an officer of the Company
and/or a director on the Company’s board of directors (the “Board”), as applicable, and (2) consents
to being named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable.

 

(b) Each Insider represents and warrants, with respect
to itself, that (i) such Insider’s biographical information furnished to the Company (including any such information
included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to
such Insider’s background, as applicable, (ii) such Insider’s questionnaire furnished to the Company is true and
accurate in all material respects, as applicable, (iii) if such Insider is a corporation, partnership, limited liability
company, trust, estate or other entity, the Insider is duly organized, formed or incorporated, as the case may be, and is validly
existing in good standing under the laws of the jurisdiction in which such Insider is organized, (iv) such Insider 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, (v) such Insider has never been
convicted of, or pleaded guilty to, any crime (1) involving fraud, (2) relating to any financial transaction or handling
of funds of another person or (3) pertaining to any dealings in any securities, and such Insider is not currently a defendant
in any such criminal proceeding and (vi) such Insider 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.

 

3. Business Combination Vote.
The Sponsor and each Insider, with respect to itself, agrees that if the Company seeks shareholder approval of a proposed initial Business
Combination, then in connection with such proposed initial Business Combination, it shall vote all Founder Shares, any Public Shares
and any Class A Ordinary Shares included in the Private Units held by it in favor of such proposed initial Business Combination
(including any proposals recommended by the Board in connection with such proposed initial Business Combination) and not redeem any Founder
Shares or Public Shares held by it in connection with such shareholder approval.

 

 4. Failure to Consummate a Business Combination; Trust Account Waiver.

 

(a) The
Sponsor and each Insider hereby agree, with respect to itself, that in the event that the Company fails to consummate an initial Business
Combination within 15 months from the closing of the Public Offering, or such later period approved by the Company’s shareholders
in accordance with the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all
operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter,
redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, if any (less
up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will
completely extinguish all Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions,
if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations
under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The
Sponsor and each Insider, severally and not jointly, agree not to propose any amendment to the Charter (i) that would modify the
substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their Public Shares redeemed
in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial
Business Combination within 15 months from the closing of the Public Offering or (ii) with respect to any provision relating to the
rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public 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 earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if
any, divided by the number of then-outstanding Public Shares.

 

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(b) The Sponsor and each Insider, with
respect to itself, acknowledges that it has no right, title, interest or claim of any kind in or to the Trust Account or any monies
or other assets held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with
respect to the Founder Shares held by it, if any. The Sponsor and each Insider hereby further waive, with respect to any Founder
Shares and Public Shares held by it, any redemption rights it may have in connection with the consummation of an initial Business
Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such initial
Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing
of the Company’s obligation to provide holders of the Public Shares the right to have their Public Shares redeemed in
connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial
Business Combination within 15 months from the closing of the Public Offering or (ii) with respect to any provision relating to
the rights of holders of Public Shares (although the Sponsor and each Insider shall be entitled to liquidation rights with respect
to any Public Shares they hold if the Company fails to consummate an initial Business Combination within 15 months from the closing
of the Public Offering).

 

 5. Lock-up; Transfer
Restrictions.

 

(a) The
Sponsor and each Insider, severally and not jointly, agrees that it shall not Transfer any Founder Shares (the “Founder Shares
Lock-up”) until the earlier of (A) one year after the completion of the initial business combination and (B) subsequent
to the initial business combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after the initial business combination, or (y) the date on which we complete
a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to
exchange their Public Shares for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

(b) The
Sponsor and each Insider, severally and not jointly, agrees that it shall not Transfer any Private Units until 30 days after the completion
of an initial Business Combination (the “Private Placement Units Lock-up Period” and, together with the Founder
Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding
the provisions set forth in paragraphs 5(a) and 5(b), Transfers of the Founder Shares, Private Units and Class A Ordinary Shares
underlying the Private Units are permitted (a) to the Company’s officers or directors, any affiliate or family member of any
of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor,
any employees or directors of such affiliates or any funds or accounts advised by the Sponsor or its affiliates; (b) in the case
of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member
of the individual’s immediate family, 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 an initial Business Combination
at prices no greater than the price at which the Founder Shares, Private Units or Class A Ordinary Shares, as applicable, were originally
purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (g) to
the Company for no value for cancellation in connection with the consummation of an initial Business Combination, (h) in the event
of the Company’s liquidation prior to the completion of an initial Business Combination; or (i) in the event of completion
of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders
having the right to exchange their Public Shares for cash, securities or other property subsequent to the completion of an initial Business
Combination; provided, however, that in the case of clauses (a) through (f) such permitted transferees must enter
into a written agreement agreeing to be bound by the transfer restrictions set forth in this Letter Agreement.

 

(d) During the period commencing on the
effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without
the prior written consent of the Representatives, Transfer any Units, Class A Ordinary Shares, Warrants or any other securities
convertible into, or exercisable or exchangeable for, Class A Ordinary Shares held by it. Notwithstanding the foregoing,
transfers are permitted (i) to the Sponsor or and its controlled affiliates; (ii) in the case of an individual, by gift to
a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the
individual’s immediate family; (iii) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic relations order; or (v) to
the Company for no value for cancellation in connection with the consummation of an initial Business Combination; provided, however,
that in the case of clauses (i) through (v) such permitted transferees must enter into a written agreement agreeing to be
bound by the transfer restrictions set forth in this Letter Agreement.

 

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6. Remedies. The Sponsor
and each Insider, severally and not jointly, hereby agrees and acknowledges that (i) each of the Underwriters and the Company would
be irreparably injured in the event of a breach by the Sponsor or such Insider of its obligations, as applicable, under paragraphs 3,
4, 5, 7, 10 and 11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall
be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such
breach.

 

7. Payments by the Company.
Except as disclosed in the Prospectus, neither the Sponsor nor any director or officer of the Company or any of their respective affiliates
shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other
compensation prior to, or in connection with, any services rendered in order to effectuate the consummation of the initial Business Combination
(regardless of the type of transaction that it is).

 

8. Director and Officer Liability
Insurance. The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance,
and each Insider that is a member of the Company’s Board and/or management team shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

9. Termination. This Letter
Agreement shall terminate on the earlier of (i) the expiration of each of the Lock-up Periods and (ii) the liquidation of the
Company; provided that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
by December 31, 2021; provided, further, that paragraph 10 of this Letter Agreement shall survive any such liquidation.

 

10. Indemnification.
In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within
the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless
the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal
or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened)
to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to
the Company (except for the Company’s independent auditors) (a “Qualified Third Party”) or (ii) any
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 Indemnitor (x) shall apply only to the extent necessary
to ensure that such claims by a Qualified Third Party or a Target do not reduce the amount of funds in the Trust Account to below the
lesser of (i) $10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of
the liquidation of the Trust Account if less than $10.20 per Public Share due to reductions in the value of the trust assets, in each
case net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a Qualified
Third Party or a Target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver
is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim
with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim
to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. For the avoidance of doubt, none
of the Company’s officers or directors will indemnify the Company for claims by third parties, including, without limitation, claims
by vendors and prospective target businesses.

 

11. Forfeiture of Founder Shares. To
the extent that the Underwriters do not exercise their over-allotment option in full to purchase additional Units within 45 days
from the date of the Prospectus (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the
Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number of Founder
Shares will equal 25% of the sum of the total number of Class A Ordinary Shares, Private Units, and Founder Shares outstanding
at such time. The Sponsor and each Insider, severally and not jointly, further agree that to the extent that the size of the Public
Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with
respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number
of Founder Shares at 25% of the sum of the total number of Class A Ordinary Shares, Private Units, and Founder Shares
outstanding at such time.

 

12. Entire Agreement. 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 (i) each Insider that is affected by such change, amendment, modification or waiver and
(ii) the Sponsor.

 

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13. Assignment. 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 hereto. 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, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted
transferees.

 

14. No Third Party Beneficiaries.
Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties hereto,
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or
agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for
the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted
transferees.

 

15. Counterparts. 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.

 

16. Effect of Headings. The paragraph
headings herein are for convenience only and are not part of this Letter Agreement and shall not affect the interpretation
thereof.

 

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

 

18. Governing Law. 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.

 

19. Notices. 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 by facsimile
or other electronic transmission.

 

20. No Liability for Other Parties.
No party hereto shall be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party hereto
(including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party hereto shall be liable or
responsible for the obligations of another party hereto, including, without limitation, indemnification obligations and notice
obligations.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	SEMPER PARATUS SPONSOR LLC
	 	 
	 	By:	/s/ Philippe J. Kurzweil
	 	Name:	 Philippe J. Kurzweil
	 	Title:	 Managing Member
	 	 
	 	 
	 	/s/ Philippe J. Kurzweil
	 	Philippe J. Kurzweil
	 	 
	 	 
	 	/s/ Jeffrey Rogers
	 	Jeffrey Rogers
	 	 
	 	 
	 	/s/Richard N. Peretz
	 	Richard N. Peretz
	 	 
	 	 
	 	/s/ Hooman Yazhari
	 	Hooman Yazhari
	 	 
	 	 
	 	/s/ Paul Jebely
	 	Paul Jebely
	 	 
	 	 
	 	/s/ Brad Stewart
	 	Brad Stewart
	 	 
	 	 
	 	/s/ Parizad Olver Parchi
	 	Parizad Olver Parchi
	 	 
	 	 
	 	/s/ B. Ben Baldanza
	 	B. Ben Baldanza

 

[Signature Page to Insider Letter]

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 
	SEMPER PARATUS ACQUISITION CORPORATION	 
	 	 
	By:	/s/ B. Ben Baldanza	 
	Name:	B. Ben Baldanza	 
	Title:	Chief Executive Officer	 

  

[Signature Page to Insider Letter]

 

    - 2 -Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment
Management Trust Agreement (this “Agreement”) is made effective as of November 3, 2021 by and between Semper
Paratus Acquisition Corporation, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company (the “Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, File No. 333-260113 (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 redeemable 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 Cantor Fitzgerald & Co. (the “Underwriter”)
named therein; and

 

WHEREAS, as described in the Prospectus, $306,000,000
of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement) (or $351,900,000
if the Underwriter’s option to purchase additional units is exercised in full) will be delivered to the Trustee to be deposited
and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the
benefit of the Company and the holders of the 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”); and

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $12,000,000 or $14,700,000 if the Underwriter’s option to purchase additional
units is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company
to the Underwriter upon and concurrently with the consummation of the initial 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
located 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), maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably satisfactory
to the Company;

 

 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; it being understood that the Trust Account will earn no interest while the Property is uninvested awaiting
the Company’s instructions hereunder; and while the account funds are invested or uninvested, 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 Underwriter 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 tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of an 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 promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company
(“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer,
Executive Chairman of the board of directors of the Company (the “Board”) or other authorized officer of
the Company (and, in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit A,
jointly signed, acknowledged and agreed to by the Underwriter), and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the
Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as
directed in the Termination Letter and the other documents referred to therein, or (y) the date which is the later of
(1) 15 months after the closing of the Offering and (2) such later date as may be approved by the Company’s
shareholders in accordance with the Company’s amended and restated memorandum and articles of association, 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 hereto as Exhibit B and the Property in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its
taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), shall be distributed to the
Public Shareholders of record as of such date;

 

(j) Upon written request from the
Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a
 “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the
amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of
assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by
electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing
authority so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, however,
that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such
assets held in the Trust Account as shall be designated by the Company in writing to make such distribution (it being acknowledged
and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account).
The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute
said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(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 (a
 “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company 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 (a “Specified
Charter Amendment”) to the Company’s amended and restated memorandum and articles of association (the
 “Charter”) (A) to modify the substance or timing of the ability of Public Shareholders to seek
redemption in connection with an initial Business Combination or to redeem 100% of the Company’s Ordinary Shares if the
Company does not complete an initial Business Combination within the time period specified in the Charter or (B) with respect
to any other provision relating to the Public Shareholders’ rights. 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; 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, Chief Financial Officer, Executive Chairman of
the Board or other authorized officer of the Company. 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 reasonable and documented out-of-pocket
expenses, including reasonable and documented outside 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
arising out of, in connection with or resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to
which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of
such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the
Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to
settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee the fees set forth
on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which
fees shall be subject to modification as agreed 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 an initial Business Combination (as defined below) is consummated. 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 hereto and as may be provided in Section 2(b) hereof;

 

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

 

(e) Provide
the Underwriter 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 Underwriter, 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 Underwriter prior to any transfer of the funds held in the Trust Account to the Company or any
other person; and

 

(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;

 

(h) Within
four (4) business days after the Underwriters exercise the over allotment option (or any unexercised portion thereof) or such over
allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event
be less than $12,000,000.

 

		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, in connection with or resulting from 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
Company 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 initial Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

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

 

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

 

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

 

4. Trust Account Waiver. The
Trustee acknowledges and agrees that it has no right of set-off or any right, title, interest or claim of any kind
(“Claim”) to, or to any monies or other assets in, the Trust Account, and hereby irrevocably waives any
Claim to, or to any monies or other assets 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 or other assets in the Trust Account, and the Trustee hereby agrees not to seek recourse, reimbursement,
payment or satisfaction of any Claim against the Trust Account under any circumstance.

 

		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 by the Company and has agreed to become subject to the terms of this Agreement, the Trustee
shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of
the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however,
that in the event that the Company does not locate a successor trustee within 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 with respect to any liability arising after such time;

 

     

    

    

 

(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 business days of the date of this Agreement, in which case any funds received by the Trustee
from the Company or Semper Paratus Sponsor LLC, the Company’s sponsor, as applicable, shall be returned promptly following the receipt
by the Trustee of written instructions from the Company.

 

		6.	Miscellaneous.

 

(a) The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth herein 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 as promptly as practicable 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, in connection
with or resulting from 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 Section 1(i), 1(j)
and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of 65% of the
then-outstanding Ordinary Shares and Class B 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 properly elected to redeem his or
her Ordinary Shares in connection with a shareholder vote to approve a Specified Charter Amendment or to redeem 100% of its Ordinary
Shares if the Company does not complete its initial Business Combination within the time frame specified in the Company’s
Charter), 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 facsimile
or by electronic mail:

 

if to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New York, NY 10004

Attention: Fran Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

    

    

    

 

if to the Company, to:

 

Semper Paratus Acquisition Corporation

767 Third Avenue,
38th Floor

New York, New York 10017

Attn: Philippe Kurzweil

Email: pj@semperparatusspac.com

 

in each case, with
copies to:

 

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attn: Ari Edelman, Esq.

Email: aedelman@reedsmith.com

 

and

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York, 10022

Attn: General Counsel

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Douglas S. Ellenoff, Esq..

Email: ellenoff@egsllp.com

 

(f) 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.

 

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

 

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

 

(i) Each
of the Company and the Trustee hereby acknowledges and agrees that the Underwriter is a third-party beneficiary of this Agreement.

 

(j) The
Trustee and the Company may not assign its rights or delegate its obligations hereunder to any other person or entity without the prior
consent of the other party..

 

[Signature Page Follows]

 

     

    

    

 

IN
WITNESS WHEREOF, the parties hereto 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
	 	 
	 	SEMPER PARATUS ACQUISITION CORPORATION
	 	 
	 	By:	/s/ Philippe J. Kurzweil
	 	Name: Philippe J. Kurzweil
	 	Title: Chief Financial Officer

 

[Signature Page to Investment
Management Trust Agreement]

 

     

    

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Payable at the initial closing of the Offering by wire transfer	 	$	3,500.00	 
	Annual administration fee	 	First year fee payable at initial closing of the Offering by wire transfer; thereafter, payable on the anniversary of the initial closing of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	 	Billed by Trustee to Company following disbursements made to the Company under Sections 1(i) and 1(j)	 	$	250.00	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

 

[Signature Page to Investment
Management Trust Agreement]

 

     

    

    

 

EXHIBIT A

[Letterhead of Company]

[●], 2021

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Francis 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 Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (the
 “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose 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 the Target Business (the “Business
Combination”) on or about [●]. The Company shall notify you at least 72 hours in advance of the actual
date (or such shorter time period as you may agree) 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 liquidate all of the assets in the Trust Account and to transfer the total proceeds into the trust operating
account at J.P. Morgan Chase Bank, N.A 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 Underwriter (with respect to the Deferred Discount) and the Company
shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in said trust operating account
at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Underwriter will earn any interest or dividends.

 

On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially
concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”), and
(ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, Chief Financial Officer, Executive Chairman
of the board of directors of the Company or other authorized 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 the Underwriter with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from
the Trust Account and amounts owed to public shareholders who have properly exercised their redemption rights (the “Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the Notification and the Instruction Letter, (x) to the Representative in an amount equal to the Deferred Discount as directed
by the Representative and (y) the remainder in accordance with the terms of the Instruction Letter. In the event that certain deposits
held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the
same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation
Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination is
not consummated on the Consummation Date described in the Notification 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 Notification as soon thereafter as possible.

 

[Signature Page to Investment
Management Trust Agreement]

 

     

    

    

 

 

	 	Very truly yours,
	 	Semper Paratus Acquisition Corporation
	 	By:	          
	 	Name:	 
	 	Title:	 

 

	Cantor Fitzgerald & Co.	 
	By:	 	 
	Name:	 	 
	Title:	               	 

 

[Signature Page to Investment
Management Trust Agreement]

 

     

    

    

 

EXHIBIT B

[Letterhead of Company]

[●], 2021

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Francis 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 Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”),
dated as of [● ], 2021 (the “Trust Agreement”), this is to advise you that the Company has been unable
to effect a business combination with a target business (the “Business Combination”) within the time frame specified
in the Company’s amended and restated 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 the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders.
The Company has selected [ ]1 as the effective date for the purpose of determining
when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest
will be earned by the Company on the liquidation proceeds while on deposit in the trust operating account. 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 and documented unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	Semper Paratus Acquisition Corporation
	 	By:	 
	 	Name:	 
	 	Title:	         

 

cc: J.P. Cantor Fitzgerald & Co.

 

 

1
15 months from the closing of the Offering, or at a later date, if extended.

 

[Signature Page to Investment
Management Trust Agreement]

 

     

    

    

 

EXHIBIT C

[Letterhead of Company]

[●], 2021

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Francis Wolf & Celeste Gonzalez

 

Re: Trust Account – Tax Payment Withdrawal Instructions

 

Dear Mr. Wolf and Ms. Gonzalez: :

 

Pursuant to Section 1(j) of the
Investment Management Trust Agreement between Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (the
 “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose 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,
	 	Semper Paratus Acquisition Corporation
	 	By:	 
	 	Name:	          
	 	Title:	 

 

cc: Cantor Fitzgerald & Co.

 

[Signature Page to Investment
Management Trust Agreement]

 

     

    

    

 

EXHIBIT D

[Letterhead of Company]

[●], 2021

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Francis 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 Semper Paratus Acquisition Corporation, a Cayman Islands exempted company (the
 “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose 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 in the aggregate 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 its Public
Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to
approve a Specified Charter Amendment. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
upon your receipt of this letter to the redeeming Public Shareholders in accordance with your customary procedures.

 

	 	Very truly yours,
	 	Semper Paratus Acquisition Corporation
	 	By:	 
	 	Name:	         
	 	Title:	 

 

cc Cantor Fitzgerald & Co.

 

[Signature Page to Investment
Management Trust Agreement]

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