Document:

Exhibit
10.2

 

THIS
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 COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal
    Amount: Up to $300,000.00	Dated
    as of June 30, 2021

 

Aesther
Healthcare Acquisition Corp., a Delaware corporation (the “Maker”), promises to pay to the order of Aesther
Healthcare Sponsor, LLC or its registered assigns or successors in interest (the “Payee”) the principal sum of
up to Three Hundred Thousand Dollars ($300,000.00) 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 this Promissory Note (this “Note”) shall
                                            be payable on the earlier of: (i) June 30, 2022 or (ii) on the date on which the Maker consummates
                                            an initial public offering of its securities. The principal balance may be prepaid at any
                                            time. Under no circumstances shall any individual, including but not limited to any officer,
                                            director, employee or shareholder of the Maker, be obligated personally for any obligations
                                            or liabilities of the Maker hereunder.
	 	 
	2.	Drawdown
                                            Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars
                                            ($300,000.00) for costs reasonably related to Maker’s initial public offering of its
                                            securities. The principal of this Note may be drawn down from time to time prior to the earlier
                                            of: (i) June 30, 2022 or (ii) the date on which Maker consummates an initial public offering
                                            of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”).
                                            Each Drawdown Request must state the amount to be drawn down and Payee shall fund each Drawdown
                                            Request no later than 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 ($300,000.00). Once an amount is drawn down under this Note, it shall not
                                            be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts
                                            shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.
                                            Notwithstanding the foregoing, 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 attorneys’ fees, and then to the reduction of the unpaid principal balance
                                            of this Note.
	 	 
	3.	Interest.
                                            No interest shall accrue on the unpaid principal balance of this Note.
	 	 
	4.	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.

 

    	 

     

    

 

	5.	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 of this Note within
                                            five (5) business days following the date when due.
	 	 	 
		(b)	Voluntary
                                            Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy,
                                            insolvency, reorganization, rehabilitation or other similar action, or the consent by it
                                            to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee,
                                            custodian, sequestrator (or other similar official) for 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 similar law, for the appointing of a receiver, liquidator, assignee, custodian,
                                            trustee, sequestrator (or similar official) for Maker or for any substantial part of its
                                            property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance
                                            of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

	6.	Remedies.

 

		(a)	Upon
                                            the occurrence of an Event of Default specified in Section 5(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 hereunder, 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 5(b) and 5(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.

 

	7.	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, or any writ of execution issued hereon, may be sold upon any such writ
                                            in whole or in part in any order desired by Payee.

 

	8.	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.

 

    	 

     

    

 

	9.	Notices.
                                            Any notice called for hereunder shall be deemed properly given if (i) sent by certified
                                            mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of
                                            private or governmental express mail or delivery service providing receipted delivery or
                                            (iv) sent by facsimile or (v) to such address as either party may designate to the other
                                            party.

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation,
(iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

 

	10.	Construction.
                                            THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT
                                            REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
	 	 
	11.	Jurisdiction.
                                            The courts of New York have exclusive jurisdiction to settle any dispute arising out
                                            of or in connection with this agreement (including a dispute relating to any non-contractual
                                            obligations arising out of or in connection with this agreement) and the parties submit to
                                            the exclusive jurisdiction of the courts of New York.
	 	 
	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 amounts contained in the trust account in which the proceeds of the initial public offering
                                            (the “IPO”) conducted by the Maker and the proceeds of the sale of securities
                                            in a private placement to occur prior to the effectiveness of the IPO, 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, will be placed, and hereby agrees not to seek recourse,
                                            reimbursement, payment or satisfaction for any Claim from the trust account or any distribution
                                            therefrom 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.
	 	 
	16.	Further
                                            Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to
                                            be executed and done by any other necessary party) all such deeds, documents, acts and things
                                            as the Payee may from time to time require as may be necessary to give full effect to this
                                            Promissory Note.

 

    	 

     

    

 

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

 

	 	AESTHER
    HEALTHCARE ACQUISITION CORP. 
	 	 	 
	 	By:	/s/
    Suren Ajjarapu
	 	Name:	Suren
    Ajjarapu
	 	Title:	Chief
    Executive Officer

 

[Signature
Page to Promissory Note]Exhibit
10.3

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of [  ], 2021 by and between Aesther
Healthcare Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, LLC, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-258012 (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”) and one-half of one redeemable warrant, with each warrant entitling the holder thereof to purchase one share of
Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with EF Hutton, division
of Benchmark Investments, LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”);
and

 

WHEREAS,
as described in the Prospectus, $102,000,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined
in the Underwriting Agreement) (or $117,300,000 if the Underwriters’ over-allotment option is exercised in full), plus any amounts
to be deposited in connection with the Extended Terms (as defined below), 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 Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to
be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Initial Property,”
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
as described in the Prospectus, the Company will have twelve (12) months from the effective date of the Registration Statement (the “Initial
Term”) to complete an initial business combination (the “Business Combination”), with the option
to extend the Initial Term for two (2) additional three-month terms (the first such extension, the “First Extended Term”
and the second such extension, the “Second Extended Term” and, together, the “Extended Terms”),
each Extended Term requiring the Company to deposit an additional amount of $0.10 per Unit into the Trust Account such that (i) if the
Company elects the First Extended Term, it will deliver to the Trustee an amount equal to $1,000,000 (or $1,150,000 if the Underwriters’
over-allotment option is exercised in full) (such additional amount, the “First Extension Property”), increasing
the Initial Amount of gross proceeds held in the Trust Account to $103,000,000 (or $118,450,000 if the Underwriter’s over-allotment
option is exercised in full) for the First Extended Term and, (ii) if the Company thereafter elects the Second Extended Term, it will
deliver to the Trustee an additional $1,000,000 (or $1,150,000 if the Underwriters’ over-allotment option is exercised in full)
(such increased amount, the “Second Extension Property” and. together with the Initial Property and the First
Extension Property, the “Property”), increasing the gross proceeds held in the Trust Account to $104,000,000
(or $119,600,000 if the Underwriter’s over-allotment option is exercised in full) for the Second Extended Term; and

 

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

 

NOW
THEREFORE, IT IS AGREED:

 

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

 

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

 

    	 

    	 

    

 

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

 

(c)
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in
money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no
interest while account funds are uninvested awaiting the Company’s instructions hereunder; while account funds are invested or
uninvested, the Trustee may earn bank credits or other consideration;

 

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

 

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

 

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

 

(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, Chief Financial Officer, Secretary or
Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case
of Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account, including interest not previously released to the Company to pay its taxes, only as directed in the Termination
Letter and the other documents referred to therein, or (y) upon the date which is the later of (i) expiration of the Initial Term, (ii)
the expiration of the First Extended Term, (iii) the expiration of the Second Extended Term and (iv) such later date as may be approved
by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, 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 not
previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the event the Trustee
receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property
because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the
Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;

 

(j)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the
Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the
Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and
the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient
cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated
by the Company in writing to make such distribution so long as there is no reduction in the principal amount per share initially deposited
in the Trust Account; provided, further, that if the tax to be paid is a franchise tax, the written request by the Company to make such
distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement
from the principal financial officer of the Company setting forth the actual amount payable. The written request of the Company in the
form of Exhibit C 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 (it being acknowledged and agreed that any such amount in excess of interest
income earned on the Property shall not be payable from the Trust Account);

 

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(k)
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least
five business days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar
amount specified in the Extension Letter on or prior to the applicable Extended Term, the Trustee shall follow the instructions set forth
in the Extension Letter.

 

(l)
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 E, the Trustee shall distribute to the Public Stockholders of record as of such date the amount requested by the Company to be
used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an
amendment to the Company’s amended and restated certificate of incorporation (a) to modify the substance or timing of the ability
of Public Stockholders to seek redemption in connection with an initial Business Combination or the Company’s obligation to redeem
100% of the shares of Common Stock included in the Units sold in the Offering if the Company has not consummated an initial Business
Combination within such time as is described in the Company’s amended and restated certificate of incorporation or (b) with respect
to any other provisions relating to stockholders’ rights or pre-initial Business Combination activity. 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

 

(m)
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (l) 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, Chief Executive Officer,
Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(l) 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 expenses, including reasonable
counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection
with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand,
which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned
on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which
the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter
referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense
against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel,
which consent shall not be unreasonably withheld or delayed. The Trustee may not agree to settle any Indemnified Claim without the prior
written consent of the Company, which such consent shall not be unreasonably withheld or delayed. The Company may participate in such
action with its own counsel;

 

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(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 the consummation of the Business Combination (as defined below). The Company shall
pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company shall
not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided
in Section 2(b) hereof;

 

(d)
In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business
Combination;

 

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

 

(f)
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;

 

(g)
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such
over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall
in no event be less than $3,000,000;

 

(h)
Promptly following an applicable Extended Term, disclose whether or not the term the Company has to consummate a Business Combination
has been extended; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5.
Termination. This Agreement shall terminate as follows:

 

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

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall
terminate except with respect to Section 2(b).

 

6.
Miscellaneous.

 

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

 

    	5

    	 

    

 

(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. 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. This
Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

(d)
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent of the
Stockholders, it being the specific intention of the parties hereto that each of the Company’s stockholders is, and shall be, a
third party beneficiary of this Section 6(d) with the same right and power to enforce this Section 6(d) as the other parties hereto.
For purposes of this Section 6(d), the “Consent of the Stockholders” means receipt by the Trustee of a certificate from the
inspector of elections of the stockholder meeting certifying that either (i) the Company’s stockholders of record as of a record
date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (“DGCL”) (or any successor
rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value
$0.0001 per share, of the Company voting together as a single class, have voted in favor of such change, amendment or modification, or
(ii) the Company’s stockholders of record as of the record date who hold sixty-five percent (65%) or more of all then outstanding
shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have
delivered to such entity a signed writing approving such change, amendment or modification. No such amendment will affect any Public
Stockholder who has otherwise indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought
to amend this Agreement. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the
Trustee may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability
to any party for executing the proposed amendment in reliance thereon.

 

(e)
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.

 

(f)
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 by
facsimile or email transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attn:
[Francis Wolf and Celeste Gonzalez]

Email:
[fwolf@continentalstock.com]

Email:
[cgonzalez@continentalstock.com]

 

if
to the Company, to:

 

Aesther
Healthcare Acquisition Corp.

515
Madison Avenue, Suite 8078

New
York, New York 10022

Telephone:
(646) 908-2658

Attn.:
Mr. Suren Ajjarapu, Chief Executive Officer

 

    	6

    	 

    

 

in
each case, with copies to:

 

The
Loev Law Firm, PC

Attn.:
David M. Loev, Esq.

John
S. Gillies, Esq.

The
Loev Law Firm, PC

6300
West Loop South, Suite 280

Bellaire,
TX 77401

Telephone
No.: (832) 930-6432

Email:
dloev@loevlaw.com; and john@loevlaw.com

 

and

 

EF
Hutton, division of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

Attn.:
Legal Department

 

and

 

Cavas
Pavri, Esq.

Schiff
Harden LLP

100
N. 18th Street, Suite 300

Philadelphia,
PA 19103

Telephone:
(202) 778-6400

Email:
CPavri@schiffhardin.com

 

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

 

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

 

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

 

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

 

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

 

[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:	 
	 	Title:	 
	 	 	 
	 	Aesther
    Healthcare Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Suren
    Ajjarapu
	 	Title:
    	Chief
    Executive Officer 

 

Signature
Page to Investment

Management
Trust Agreement

 

    	 

    	 

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500.00	 
	 	 	 	 	 	 	 
	Trustee administration fee	 	Payable annually. First year fee payable at initial closing of Offering by wire transfer thereafter by wire transfer or check.	 	$	10,000.00	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(l)	 	Billed to Company following disbursement made to Company under Section 1	 	$	250.00 per item presented 
	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Section 1(i) and 1(l)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(l)	 	 	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 No. Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

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

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
and to transfer the proceeds into a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation
Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters (with respect
to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P.
Morgan Chase Bank, N.A., awaiting distribution, the Company will 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 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 certification by the Chief Executive Officer of the vote with an affidavit which verifies
that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written
instruction signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including
payment of the Deferred Discount to the Representative from the Trust Account (the “Instruction Letter”). You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not
be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct
you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the
distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

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

 

	 	Very
    truly yours,
	 	 
	 	Aesther
    Healthcare Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Suren
    Ajjarapu
	 	Title:	Chief
    Executive Officer

 

	EF
    Hutton, division of Benchmark Investments, LLC	 
	 	 	 
	By:	 	 
	Name:	Edward
    Tsuker	 
	Title:
    	Head
    of Capital Markets	 

 

    	 

    	 

    

 

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 No. Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Aesther Healthcare Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [  ], 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business within the time frame
specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating
to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to
transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public
Stockholders. The Company has selected [  ](1) as the effective date for the purpose of determining when the Public Stockholders will
be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity
as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the
Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, net
of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust
Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement 12 months from the closing
of the Offering (or up to 18 months if the Company extends the period of time as described in more detail in the Prospectus) or at a
later date, if extended.

 

	 	Very
    truly yours,
	 	 
	 	Aesther
    Healthcare Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Suren
    Ajjarapu
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

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 No. Tax Payment Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

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

 

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

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very
    truly yours,
	 	 
	 	Aesther
    Healthcare Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Suren
    Ajjarapu
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

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 No. Extension Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Aesther Healthcare Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, LLC, dated as of [__], 2021 (the “Trust Agreement”), this is to advise you
that the Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional
three (3) months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to the Extended Terms. 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 deposit $1,000,000 (or $1,150,000 if the underwriters’
over-allotment option was exercised in full, or in any case, $0.10 per Unit), which will be wired to you, into the Trust Account investments
upon receipt.

 

This
is the ____ of up to two Extension Letters.

 

	 	Very
    truly yours,
	 	 
	 	Aesther
    Healthcare Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Suren
    Ajjarapu
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

EXHIBIT
E

 

[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 No. Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

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

 

The
Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the
Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation
that would affect the substance or timing of the Company’s obligation to redeem 100% of its public shares of Common Stock if the
Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated
certificate of incorporation or with respect to any other provisions relating to stockholders’ rights or pre-initial Business Combination
activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this
letter into a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very
    truly yours,
	 	 
	 	Aesther
    Healthcare Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Suren
    Ajjarapu
	 	Title:	Chief
    Executive Officer

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