Document:

Exhibit
10.3

 

LETTER AGREEMENT

 

[●], 2021

 

Kismet Acquisition Three Corp.

850 Library Avenue, Suite 204

Newark, Delaware 19715

 

Credit Suisse Securities (USA)
LLC

Eleven Madison Avenue

New York, New York 10010-3629

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

 

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

 

Re: Initial Public Offering:

 

This letter (“Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between Kismet Acquisition Three Corp., a company incorporated as a Cayman Islands
exempt company (the “Company”), and Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc.
and BofA Securities, Inc. as representatives (the “Representatives”) of the several Underwriters named
in Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the
“IPO”) of the Company’s units (the “Units”), each comprised of one Class
A ordinary share of the Company, $0.001 par value (the “Ordinary Shares”), and one-third of one warrant
(“Warrant”) to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The
Units shall be sold in the IPO pursuant to a registration statement on Form S-1 (the “Registration Statement”)
and prospectus (the “Prospectus”) filed with the Securities and Exchange Commission (the “SEC”)
as described in the Company’s final prospectus (the “Prospectus”). Certain capitalized terms used
herein are defined in paragraph 11 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned persons (each, an “Insider” and collectively, the “Insiders”),
hereby agree with the Company as follows:

 

1. If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially
owned by him, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. In
the event that the Company fails to consummate a Business Combination within 24 months from the closing of the IPO, or such later
period approved by the Company’s shareholders in accordance with the Memorandum and Articles of Association, the undersigned
shall take all reasonable steps as an officer and/or director of the Company, as applicable, to (i) cause the Company to cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but no more than ten business days
after the expiration of such period, subject to applicable Cayman Islands law, redeem the IPO Shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Fund including interest earned on the funds held in the Trust
Fund (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses) divided by
the number of then-outstanding IPO Shares, which redemption will completely extinguish public stockholders’ rights as stockholders
(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 holders of Ordinary Shares and the Board of Directors,
cause the Company to dissolve and liquidate, subject in the case of (ii) and (iii) above to the Company’s obligations under
Cayman Islands law to provide for claims of creditors and the requirements of other applicable laws. The undersigned agrees not
to propose any amendment to the Memorandum and Articles of Association that would affect the substance or timing of the Company’s
obligation to provide holders of the IPO Shares the right to have their shares redeemed in connection with an initial Business
Combination or to redeem 100% of the IPO Shares if the Company does not complete an initial Business Combination within 24 months
from the consummation of the IPO unless the Company provides holders of the IPO Shares with the opportunity to redeem their IPO
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 Fund, including interest earned on the funds held in the Trust Fund and not previously released to the Company to
pay taxes, if any, divided by the number of then-outstanding IPO Shares.

 

     

     

    

 

3. The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and
any remaining net assets of the Company as a result of such liquidation with respect to any Ordinary Shares acquired by the undersigned
(“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising
out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason whatsoever.

 

4. The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with the undersigned or any Insiders of the Company or their affiliates, including any company that is a portfolio company of,
or otherwise affiliated with, or has received financial investment from, an entity with which the undersigned or any Insider or
their affiliates is affiliated, such transaction must be approved by a majority of the Company’s disinterested independent
directors and the Company must obtain an opinion from an independent investment banking firm that is a member of the Financial
Regulatory Authority or an independent accounting firm that such Business Combination is fair to the Company’s unaffiliated
shareholders from a financial point of view.

 

5. During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned
will not, without the prior written consent of the Representatives pursuant to the Underwriting Agreement, (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, hedge or otherwise dispose of or agree to dispose of (or enter into any transaction
that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective
economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person
in privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation
in the filing) of a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder with respect to, any Units, Ordinary Shares or Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by him, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Ordinary Shares, Warrants
or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by him, whether any such transaction
is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction,
including the filing of a registration statement, specified in clause (i) or (ii). The undersigned acknowledges and agrees that,
prior to the effective date of any release or waiver of the restrictions set forth in this paragraph 5, the Company shall announce
the impending release or waiver by press release through a major news service at least two business days before the effective date
of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication of such
press release. The provisions of this paragraph will not apply to any transfer not for consideration provided that the transferee
in each case has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration
that such terms remain in effect at the time of the transfer.

 

6. Neither
the undersigned, nor any member of the family of the undersigned, nor any affiliate of the undersigned, will be entitled to receive
or accept a finder’s fee, reimbursement, cash payment, or any other compensation in connection with any services rendered
prior to or in connection with the completion of the Business Combination; provided that the Company shall be allowed to make the
payments set forth in the Registration Statement adjacent to the caption “Summary—The Offering—Limited payments
to insiders.”

 

7. The
undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate in
all material respects, does not omit any material information with respect to the undersigned’s biography and contains all
of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933
(the “Securities Act”). Each undersigned’s Director and Officer General Questionnaire previously
furnished to the Company is true and accurate in all material respects.

 

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8. The
undersigned has full right and power, without violating any agreement by which the undersigned is bound (including, without limitation,
any non-competition or non-solicitation with any employer or former employer), to enter into this Letter Agreement and to serve
and hold the current position/title of the Company, as applicable.

 

9. The
undersigned hereby waives his right to exercise redemption rights with respect to any Ordinary Shares owned or to be owned by the
undersigned, directly or indirectly, whether purchased prior to the IPO, in the IPO or in the aftermarket, and agrees that he will
not seek redemption with respect to or otherwise sell such shares to the Company in connection with any Business Combination.

 

10. 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. 
Each of the parties hereto (i) agrees 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 submits
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waives any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

11. As
used herein, (i) a “Business Combination” shall mean an acquisition, share exchange, share reconstruction
and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any
other similar business combination with one or more businesses or entities; (ii) “Memorandum and Articles of Association”
shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same shall be amended from time
to time; (iii) “Insiders” shall mean all officers, directors and shareholders of the Company immediately
prior to the IPO; (iv) “IPO Shares” shall mean the Ordinary Shares issued in the Company’s IPO;
and (v) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the Company’s
IPO will be deposited.

 

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

 

13. No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph 13 shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the parties hereto and any successors and assigns thereof.

 

14. This
Letter Agreement shall terminate on the liquidation of the Company; provided, however, that this Letter Agreement shall earlier
terminate in the event that the IPO is not consummated and closed by March 31, 2021.

 

15. The
undersigned acknowledge and understand that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render any Underwriter a representative
of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the
subject matter hereof.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 
	 	By:	       
	 	 
	 	Name of Insider:
	 	 
	 	By:	 
	 	 
	 	Name of Insider:
	 	 
	 	By:	 
	 	 
	 	Name of Insider:
	 	 
	 	By:	 
	 	 
	 	Name of Insider:
	 	 
	 	By:	 
	 	 
	 	Name of Insider:

 

	Acknowledged and Agreed:
	 
	KISMET ACQUISITION THREE CORP.

 

	By:	  	 
	 	Name: Ivan Tavrin	 
	 	Title: Chief Executive Officer	 

 

[Signature Page to Letter Agreement (Directors,
Director Nominees, and Executive Officers)]

 

 

4Exhibit 10.4

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of [●], 2021 by and between Kismet Acquisition Three Corp., a company
incorporated as a Cayman Islands exempted company (the “Company”) and Continental Stock Transfer & Trust Company,
a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-252420 (the “Registration Statement”), and prospectus (the “Prospectus”)
for the initial public offering of 25,000,000 units (or 28,750,000 units in the aggregate if the Underwriters’ option to
purchase additional units is exercised in full), at a price of $10.00 per unit (the “Units”), each Unit consisting
of one Class A ordinary share of the Company, par value $0.001 per share (the “Ordinary Share(s)”), and one-third of
one warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per
share (the “Warrant(s)”) (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 (capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, Credit Suisse
Securities (USA) LLC, Citigroup Global Markets Inc. and BofA Securities, Inc. (the “Underwriters”) are acting as the
representatives of the underwriters in the Offering pursuant to an underwriting agreement between the Company and the Underwriters
(“Underwriting Agreement”); and

 

WHEREAS, simultaneously
with the Offering, the Company’s sponsor will be purchasing an aggregate of 4,666,667 Warrants (or 5,166,667 Warrants if
the Underwriters’ option to purchase additional Units is exercised in full) at a price of $1.50 per warrant for a total purchase
price of $7,000,000 (or $7,750,000 if the Underwriters’ option to purchase additional Units is exercised in full) in a private
placement (the “Warrant Private Placement”); and

 

WHEREAS, as described
in the Prospectus, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, $250,000,000
of the gross proceeds of the Offering and the Warrant Private Placement ($287,500,000 if the Underwriters’ 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 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 $8,750,000 (or $10,062,500, if the Underwriters’ option to
purchase additional Units is exercised in full) is attributable to deferred underwriting discounts and commissions that may be
payable by the Company to the Underwriters upon the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

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

 

NOW, THEREFORE, IT IS AGREED:

 

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

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee 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) and at a brokerage institution selected by the Trustee that is satisfactory to the Company;

 

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

 

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(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property only in U.S. government treasury
bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act of 1940, as amended, 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
on deposit, 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 Underwriters 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 its tax returns relating to assets held in the Trust Account;

 

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

 

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

 

(i) Commence
liquidation of the Trust Account only after and promptly after (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, President, Chief Financial Officer
or 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, acknowledged and
agreed to by the Underwriters 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 to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred
to therein or (y) upon the date which is the later of (1) 24 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 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 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 Trust Account requested by the Company to cover any taxes owed by the Company as a result
of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company
by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing
authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation,
the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such
distribution, so long as there is no reduction in the principal amount initially deposited in the Trust Account. The written request
of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee
shall have no responsibility to look beyond said request;

 

(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
the amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection
with a shareholder vote to approve an amendment to the Company’s Amended and Restated Memorandum and Articles of Association
(A) to modify the substance or timing of the Company’ obligation to redeem 100% of its Ordinary Shares if it does not complete
its initial acquisition, share exchange, share reconstruction and amalgamation, contractual control arrangement, purchase of all
or substantially all of the assets of, or any other similar initial business combination with one or more businesses or entities
(a “Business Combination”) within 24 months from the closing of the Offering or (B) with respect to any other provision
relating to shareholders’ rights or pre-Business Combination activity (in each case, an “Amendment”). 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; and

 

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(l) Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (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 Chairman of the Board, Vice Chairman of the
Board, Chief Executive Officer, President, Chief Financial Officer, or other authorized officer of the Company. In addition, except
with respect to its duties under Sections 1(i), (j) or (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
expenses, including reasonable 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 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 by the parties from time to time. It is expressly understood that the
Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through
1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation
of the Offering. The Trustee shall refund to the Company the annual administration fee (on a pro rata basis) with respect to any
period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee
except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d) In
connection with any vote of the Company’s shareholders regarding a 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 (which firm
may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business Combination;

 

(e) Provide
the Underwriters 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 Underwriters, 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 Underwriters on behalf of the several underwriters prior to any transfer of the funds
held in the Trust Account to the Company or any other person;

 

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

 

(h) Within
five (5) business days after the Underwriters exercise their option to purchase additional Units (or any unexercised portion thereof)
or such option to purchase additional Units expires, provide the Trustee with a notice in writing of the total amount of the Deferred
Discount.

 

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

 

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

 

(b)
Take any action with respect to the Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall have no
liability to any third party except for liability arising out of the Trustee’s own 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 written 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) Change
the investment of any Property, other than in compliance with Section 1 hereof;

 

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

 

(f) 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;

 

(g) 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 own 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 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;

 

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

 

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

 

(j) 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;

 

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

 

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

 

5. Termination.
This Agreement shall terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within six (6) months
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 for any events occurring or actions taken after such deposit;

 

(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) Upon
written notice from the Company to the Trustee in the event that the Trustee has committed any act of gross negligence, fraud or
willful misconduct.

 

6. Miscellaneous.

 

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

 

(b) This
Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

 

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

 

    5

     

    

 

(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
or email 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 and cgonzalez@continentalstock.com

 

if to the Company, to:

 

Kismet Acquisition Three Corp.

9 Building B, Lesnaya Street

Moscow, Russia 125196

Attn: Ivan Tavrin, Chief Executive Officer

Email: tioffice@kismetcg.com

 

in either case with a copy to:

 

Credit Suisse Securities (USA)
LLC

Eleven Madison Avenue

New York, New York 10010-3629

Attn: Ryan Kelley

Email: ryan.kelley@credit-suisse.com

 

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attn: Pavan BellurEmail: pavan.bellur@citi.com

 

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

Attn: Warren Fixmer

Email: warren.fixmer@bofa.com

 

and

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Alan A. Annex, Esq. and Jason T. Simon, Esq.

Email: annexa@gtlaw.com and simonj@gtlaw.com

 

and

Skadden, Arps, Slate Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attn: Gregg A. Noel, Esq. and P. Michelle Gasaway, Esq.

Email: gregg.noel@skadden.com and michelle.gasaway@skadden.com

 

    6

     

    

 

(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. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance.

 

(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 that the Underwriters are third party beneficiaries of this Agreement.

 

(j) Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature Page Follows]

 

    7

     

    

 

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

 

		 	CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Trustee

 

	 	By:	 
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 	 
	 	KISMET ACQUISITION THREE CORP.
	 	 	 
	 	By:	 
	 	 	Name: Ivan Tavrin
	 	 	Title: Chief Executive Officer

 

    8

     

    

 

SCHEDULE
A

 

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

 

    9

     

    

 

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 Kismet Acquisition Three Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of _____, 2021 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement with __________________ (“Target Business”) to consummate a Business
Combination with the Target Business on or about [insert date]. 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 (“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 liquidate all of the assets of the Trust Account and to transfer the
proceeds to the above-referenced 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 Credit Suisse Securities
(USA) LLC, Citigroup Global Markets, Inc. and BofA Securities, Inc. (the “Underwriters”) (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 the trust account awaiting distribution, neither the Company nor the Underwriters 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 Underwriters (with
respect to the Deferred Discount) and the Company (the “Notification”) and (ii) the Company shall deliver to you (a)
a certificate of the Chief Executive Officer, which verifies the vote of the Company’s shareholders in connection with the
Business Combination if a vote is held and (b) joint written instructions signed by the Company and the Underwriters with respect
to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account (“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 pursuant to the terms hereof,
net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated.

 

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

 

[Signature Page Follows]

 

    10

     

    

 

	 	Very truly yours,
	 	 
	 	KISMET ACQUISITION THREE CORP.
	 	 
	 	By:	             
	 	Name:	 
	 	Title: 	 

 

	AGREED
    TO AND	 
	ACKNOWLEDGED
    BY:	 
	 	 
	CREDIT SUISSE
    SECURITIES (USA) LLC	 
	 	 
	By:	 	 
	Name:		 
	Title:		 
	 	 
	CITIGROUP
    GLOBAL MARKETS INC.	 
	 	 
	By:	                      	 
	Name:		 
	Title:		 
	 	 
	BOFA SECURITIES,
    INC.	 
	 	 
	By:	             	 
	Name:		 
	Title: 		 

 

    11

     

    

 

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 Kismet Acquisition Three Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of ______, 2021 (“Trust Agreement”), this is to
advise you that the Company has been unable to effect a Business Combination with a target company within the time frame specified
in the Company’s Amended and Restated Memorandum and Articles of Association as described in the Company’s prospectus
relating to the Offering. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust
Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the
total proceeds to the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders.
The Company has selected ____________, 20__ as the 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, to distribute said funds directly to the 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 in 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,
	 	 
	 	KISMET ACQUISITION THREE CORP
	 	 
	 	By:	             
	 	 
	 	By:	 

 

		cc:	Credit Suisse Securities (USA) LLC

Citigroup Global Markets Inc.

BofA Securities, Inc.

 

    12

     

    

 

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 – Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between Kismet Acquisition Three Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), 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
terms used herein and not otherwise defined 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,
	 	 
	 	KISMET ACQUISITION THREE CORP
	 	 
	 	By:	             
	 	 
	 	By:	 

 

		cc:	Credit Suisse Securities (USA) LLC

Citigroup Global Markets Inc.

BofA Securities, Inc.

    13

     

    

 

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 – Shareholder Redemption Withdrawal
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to
the Investment Management Trust Agreement between Kismet Acquisition Three Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of _____, 2021 (“Trust Agreement”). Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Trust Agreement.

 

Pursuant to Section
1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $_____
of the proceeds of the Trust Account to the checking account at J.P. Morgan Chase Bank, N.A. for distribution to the shareholders
that have requested redemption of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 
	 	KISMET ACQUISITION THREE CORP
	 	 
	 	By:	             
	 	 
	 	By:	 

 

		cc:	Credit Suisse Securities

Citigroup Global Markets Inc.

BofA Securities, Inc.

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