Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as
of [ ] by and between Oxus Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333- (the “Registration Statement”) for its initial public offering of
securities (“IPO”) has been declared effective as of the date hereof (the “Effective Date”) by the
Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS, EarlyBirdCapital,
Inc. is acting as the representative (the “Representative”) of the several underwriters in the IPO; and

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, as the
same may be amended from time to time (the “MAA”), $151,500,000 ($174,225,000 if the over-allotment option is exercised
in full) of the proceeds from the IPO and a simultaneous private placement of warrants will be delivered to the Trustee to be deposited
and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of the Company’s Class A ordinary shares, par value $0.0001 per share (“Ordinary Shares”),
issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT IS AGREED:

 

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

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee
initially at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more)
in the United States, maintained by Trustee, and at a brokerage institution selected by the Trustee that is reasonably satisfactory to
the Company;

 

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

 

(c) In a
timely manner, upon the written instruction of the Company, invest and reinvest the Property solely 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 (or any successor rule), which invest only in direct U.S. government treasury obligations; it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while
invested and uninvested, the Trustee may earn bank credits or other consideration;

 

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

 

(e) Promptly
notify the Company and the 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;

 

     
 

     

    

 

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

 

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

 

(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on
behalf of the Company and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A,
jointly acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in
the event that a Termination Letter has not been received by the Trustee within the period of time (the “Last Date”)
provided in the Company’s MAA, the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders of record as of the Last Date; and

 

(j) Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of the Company
by an authorized officer, distribute to Public Shareholders who exercised their conversion rights in connection with an amendment to the
Company’s MAA (A) to modify the substance or timing of the Company’s obligations with respect to conversion rights as described
in the Registration Statement or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business
Combination (as defined below) activity (an “Amendment”) an amount equal to the pro rata portion of the Property relating
to the Ordinary Shares for which such Public Shareholders have exercised conversion rights in connection with such Amendment.

 

2. Limited
Distributions of Income from Trust Account.

 

(a) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit
D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company
to cover any income or other tax obligation owed by the Company.

 

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

 

3. Agreements
and Covenants of the Company. The Company agrees and covenants to:

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition, except
with respect to its duties under Sections 1(i), 1(j), and 2(a) above, the Trustee shall be entitled to rely on, and
shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes
to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm
such instructions in writing;

 

(b) Subject
to the provisions of Section 5 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against any and
all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any claim, potential
claim, action, suit, or other proceeding brought against the Trustee which in any way arises out of or relates to this Agreement, the
services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses
resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand
or claim or the commencement of any action, suit, or proceeding, pursuant to which the Trustee intends to seek indemnification under this
paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain
the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may
not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld.
The Company may participate in such action with its own counsel;

 

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(c) Pay
the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to Section
2(a) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is
expressly understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be
deducted by the Trustee from the disbursements made to the Company pursuant to Section 1(i) solely in connection with the consummation
of a business combination (a “Business Combination”). The Company shall pay the Trustee the initial acceptance fee
and first annual fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date;

 

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

 

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

 

(f) If the
Company has an Amendment approved by its shareholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit
C providing instructions for the distribution of funds to Public Shareholders who exercise their conversion rights in connection with
such Amendment; and

 

(g) Provide
the Representative with a copy of any Termination Letter, Amendment Notification Letter, and/or any other correspondence that it issues
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) The
other parties hereto or to anyone else for any action taken or omitted by the Trustee, or any action suffered by the Trustee to be taken
or omitted, in good faith and in the exercise of 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), statement, instrument, report, or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Trustee, in good faith and with reasonable care, to be genuine and to be signed or presented
by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination, or
rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the
proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

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

 

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

 

(i) Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes and
that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section 2(a)
hereof);

 

(j) 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; or

 

(k) Verify
calculations, qualify, or otherwise approve Company requests for distributions pursuant to Sections 1(i), 1(j), or 2(a)
above.

 

5. 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 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

6. Termination.
This Agreement shall terminate as follows:

 

(a) If the
Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts
to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company
notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this
Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that,
in the event that the Company does not locate a successor trustee within ninety (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 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 3(b) and Section 5.

 

7. Miscellaneous.

 

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

 

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(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. The parties hereto
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes
of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives
the right to trial by jury.

 

(c) This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(d) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Sections 1(i) and 1(j) (which sections may not be modified, amended or deleted without the affirmative vote of the holders of at least
two thirds of the then outstanding Ordinary Shares in respect of which votes are cast at a duly convened general meeting of the Company;
provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election to convert his,
her or its shares of Ordinary Shares in connection with a shareholder vote sought to amend this Agreement, including a corresponding change
to the Company’s MAA), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each
of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent
of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

(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 email or
by facsimile transmission:

 

if to the Trustee, to:

 

	
    Continental Stock Transfer & Trust Company

	1 State Street, 30th Floor
	New York, New York 10004
	Attn: Francis Wolf and Celeste Gonzalez
	Email: fwolf@continentalstock.com

 

 

if to the Company, to:

 

	
    Oxus Acquisition Corp.

	7F, 77/2 Al-Farabi Avenue
	Almaty, Kazakhstan 050040
	Attn: Kanat Mynzhanov
	Email: kanat@qmbits.com

 

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

 

	
    Greenberg Traurig, LLP

	1750 Tysons Boulevard, Suite 1000
	McLean, VA 22102
	Attn: Jason Simon, Esq.
	Email: simonj@gtlaw.com

 

    5

     

    

 

and

 

	
    EarlyBirdCapital, Inc.

	366 Madison Avenue, 8th Floor
	New York, NY 10017
	Attn: Steven Levine
	Email: slevine@ebccap.com

 

and

 

	
    Graubard Miller

	The Chrysler Building
	405 Lexington Avenue
	New York, New York 10174
	Attn: David Alan Miller, Esq.
	Email: dmiller@graubard.com

 

(f) This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g) Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder.

 

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

 

[Signature Page Follows]

 

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

 

	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY, as Trustee
	 	 	 
	 	By:	 
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 	 
	 	OXUS ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: Kanat Mynzhanov
	 	 	Title: Chief Executive Officer

 

[Signature Page to Investment Management Trust
Agreement]

 

    7

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(j)	 	 	Prevailing rates	 

 

     
 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account –
Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Oxus Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company, dated as of [ ], 2021 (“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 (“Business Combination”) on or about [insert date]. The Company shall notify you at least 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 herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and transfer the proceeds
to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held
in the trust operating account [_______] (the “Trust Operating Account”) will be immediately available for transfer
to the account or accounts that the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds
are on deposit in the Trust Operating Account awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] by the Chief Executive Officer, 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 instructions from
the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed
to Public Shareholders who have properly exercised their conversion rights (“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 in 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 you of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation
Date as set forth in such notice as soon thereafter as possible.

 

[Signature Page Follows]

 

	 	Very truly yours,
	 	OXUS ACQUISITION CORP.
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

	AGREED TO AND ACKNOWLEDGED BY:	 
	 	 
	EARLYBIRDCAPITAL, INC.	 
	 	 
	By:	 
	 	Name:	 
	 	Title	 

:

    A-1

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Termination
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Oxus Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company, 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 within the time frame specified in the Company’s MAA, as described
in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and 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 [ , 20 ]
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. 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 Public Shareholders in accordance with the terms of the Trust Agreement and the
Company’s MAA. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall
be terminated.

 

	 	Very truly yours,
	 	oxus Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: EarlyBirdCapital, Inc.

 

		1	18 months from the closing of the IPO

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account –
Amendment Notification Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between Oxus Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company, dated as of [ ], 2021 (the “Trust Agreement”), this is to inform you that in connection with the
shareholder vote to approve an Amendment to the Company’s MAA, Public Shareholders holding [____] shares of the Company’s
Ordinary Shares have properly requested conversion of such shares for their pro rata portion of the Property held in the Trust Account.
Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate such investments in the Trust Account on [ , 20 ], as required
to pay an aggregate of $[_________], or $[_________] per share, to the Public Shareholders that have properly requested conversion of
their shares of Ordinary Shares for their pro rata portion of the Property held in Trust Account and to transfer the total proceeds into
the trust operating account at [•] to await distribution to such Public Shareholders. 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 Public Shareholders that have properly
requested conversion of their shares of the Company’s Ordinary Shares in accordance with the terms of the Trust Agreement and the
Company’s MAA.

 

	
     

     
	Very truly yours,
	 	OXUS Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

cc: EarlyBirdCapital, Inc.

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account –
Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of
the Investment Management Trust Agreement between Oxus Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company, dated as of [ ], 2021 (“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 words used herein and not otherwise defined
shall have the meanings ascribed to them 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,
	 	 
	 	oxus Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: EarlyBirdCapital, Inc.

 

 

D-1Exhibit 10.3

 

THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.
 

 

PROMISSORY NOTE

 

	Principal Amount: Up to $300,000	Dated as of June 25,
2021	Cayman Islands

 

Oxus Acquisition Corp., a
Cayman Islands company (the “Maker”), promises to pay to the order of Oxus Capital PTE. LTD or its registered assigns
or successors in interest (the “Payee”), or order, the principal
sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United States of America, on the terms and conditions described
below.  All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.

 

1. Principal. The
principal balance of Note shall be payable on the earlier of: (i) June 30, 2021 or (ii) the date on which Maker consummates an initial
public offering of its securities. The principal balance may be prepaid at any time.

 

2.
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3. Drawdown
Requests. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) June 30, 2021 or (ii) the
date on which Maker consummates an initial public offering of its securities, upon request from Maker to Payee (each, a “Drawdown
Request”). Payee shall fund each Drawdown Request within five (5) business days after receipt of a Drawdown Request; provided,
however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000).

 

4. Terms
of Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for offering costs.

 

5. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally
to the reduction of the unpaid principal balance of this Note.

 

6. Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of
the date specified above.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for
the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an
involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

7. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 6(a) hereof, Payee may, by written notice to Maker, declare this Note to be
due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 6(b) or 6(c), the unpaid principal balance of this Note, and all other sums
payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

 

8. Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms
of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal,
or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for
any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ
in whole or in part in any order desired by Payee.

 

9. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

10. Notices. 
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i)
personally or sent by first class registered or certified mail, overnight courier service to the address designated in writing, (ii) by
facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such
party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address
as may be designated in writing by such party.  Any notice or other communication so transmitted shall be deemed to have been
given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile
or electronic mail, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

11. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

12. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

13. Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds
of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the
units issued in a private placement to occur prior to the consummation of the IPO are to be deposited, as described in greater detail
in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

14. Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
the Maker and the Payee.

 

15. Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

[SIGNATURE PAGE FOLLOWS]

 

    2

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	OXUS ACQUISITION CORP. 
	 	 	 
	 	By:	/s/ Kanat Mynzhanov
	 	 	Name:  Kanat Mynzhanov
	 	 	Title: Chief Executive Officer and Director 

 

[SIGNATURE PAGE
TO PROMISSORY NOTE]

 

 

3

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